Understanding Ransomware

Ransomware is a malware attack that uses a variety of methods to prevent or limit an organization or individual from accessing their IT systems and data, either by locking the system’s screen, or by encrypting files until a ransom is paid, usually in cryptocurrency for reasons of anonymity.

By encrypting these files and demanding a ransom payment for the decryption key, the malware places organizations in a position where paying the ransom is the easiest and most cost-effective way to regain access to their files. It should be noted, however, that paying the ransom does not guarantee that users will get the decryption key required to regain access to the infected system or files.

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An FAQ on the “Fine Print” of Cyber Insurance

Last month, the SNIA Cloud Storage Technologies Initiative, convened experts, Eric Hibbard and Casey Boggs, for a webcast on cyber insurance – a growing area to further mitigate risks from cyber attacks. However, as our attendees learned, cyber insurance is not as simple as buying a pre-packaged policy. If you missed the live event “Does Your Cyber Insurance Strategy Need a Tune-Up” you can watch it on-demand. Determining where and how cyber insurance fits in a risk management program generates a lot of questions. Our experts have provided answer sto them all here: Q. Do “mega” companies buy cyber insurance or do they self-insure? A. Many Fortune 500 companies do carry cyber insurance. The scope of coverage can vary significantly. Concerns over ransomware are often a driver. Publicly traded companies have a need to meet due care obligations and cyber insurance is a way of demonstrating this. Q. Insurance companies don’t like to pay out. I suspect making a claim is quite contentious? Read More