Imagine this: someone using one of your office computers clicked on an infected file attachment in an email, and now all the information in your network is inaccessible. A few minutes later, that same employee receives a message stating that the data attack was intentional and will be remedied after a specific sum of money is paid. Failure to pay the sum will result in (1) the data being erased and/or (2) the data being published online.
Such attacks are often referred to as cyber extortion and are becoming more common. Smaller businesses tend to be at a greater risk.
Cyber extortion attacks can come in a variety of forms. Two common examples include denial of service and ransomware.
In a denial of service, your company website is pummeled with an enormous amount of traffic all at once, causing your site to shut down. The perpetrators of the traffic demand payment in exchange for stopping the attack and restoring your website.
Ransomware can infect any type of computer or mobile device. It may come from a variety of sources, such as the opening of an email attachment, clicking on a pop-up ad, or visiting a compromised website.
Information technology experts and law enforcement agencies admit that there’s no guaranteed way to prevent all possible attacks. This is not very reassuring, especially when coupled with the fact that most standard business insurance policies will not cover a business’s losses resulting from such an attack.
So, what can you do?
First, take all possible measures to protect your network from such an attack. Educate staff on the various sources of such attacks; there are many resources online that can help with this. Also, consider hiring a professional service to review and secure your network with various hardware and software solutions.
Second, contact your insurance agent or broker for information about specialty insurance policies, such as cyber extortion coverage, and how they can play a valuable role in your business’s risk management plan.
Finally, report any cyber crime to law enforcement immediately.
