Is your business prepared for a cyber attack?

Ransomware incidents have emerged as the biggest cyber security threat for small and medium sized businesses, as cyber criminals take advantage of the Covid-19 disruption. Cyber Liability insurance can help protect your business against exposure to cyber threats.

Ransomware incidents are when criminals deploy malicious software and target businesses to access and encrypt files (thus rendered unusable). They then demand a ransom in return for their release.

CERT NZ’s 2021 quarterly report, which highlighted cyber security trends between 1 April to 30 June, showed 1,351 cyber security incidents reported, $3.9 million in direct financial loss and a 150% increase in ransomware reports (compared to the previous quarter)*.

In fact, the Waikato District Health Board experienced a major ransomware attack in May 2021, in which patients’ health information was held captive by cyber criminals.

Talk to us about the right type of Cyber Insurance to protect your business against exposure to serious cyber threats.

Business interruption and restoration costs are often the main drivers behind cyber losses such as ransomware attacks. The benefits of Cyber Liability Insurance will depend on the type of policy you take out but can include:

• Access to a dedicated team of experts if a cyber attack occurs, to provide critical assistance in managing and containing the event. In such event, speed is one of the most important attributes in minimising the fallout.
• Protection from loss where you are legally liable to others.
• Cover for your financial loss if your business is interrupted due to a cyber event. To help keep your business running, it would cover fixed expenses and revenue you would have earned had the event not occurred.

Ransomware identification, business continuity planning or incident response plan, anti-phishing exercises and user information security and awareness training are some of the important ways companies can help protect themselves from this ransomware pandemic.

* https://www.cert.govt.nz/business/news-and-events/ransomware-incidents-continue-to-rise/