More and more businesses are experiencing the ravaging effects of ransomware. Bad actors are using a systematic approach to lock companies out of their files, steal data and extort money from them. Without preparation and protection, your business can easily become a victim of an attack by a malware campaign. The cyber thieves of today are spreading exponentially with great ease. These criminals, with unlimited strains, are hard to detect and can quickly destroy a business.
Traditionally, organizations turned to insurance companies for mitigation of financial losses from cyber-attacks. With criminal activity becoming more sophisticated, ransoms have ballooned from five-figure price tags to demands in the millions. Insurance companies cite a supply problem as they struggle to keep up. The results are steep rate increases, high deductibles, and coverage limits with loopholes.
The failure of preventative cyber health creates loopholes in policies that can leave an organization bewildered as it hemorrhages. A proactive approach to cybersecurity with screenings and early interventions is the key to keeping business disability and damage at bay.
An action plan with a posture of defense will reduce your organization’s risk. Here are some proactive safeguards that focus on positive outcomes.
Find the right insurance policy
Although cyber insurance policies are still a necessary part of security practices, it’s important to understand the details of a policy. The amount of coverage needed will vary from business to business. Based on your company’s specific needs, insurance coupled with a proactive approach can profoundly reduce your level of risk in the event of a breach.
Closing insurance loopholes
As with any cyberattack disaster, security plans should include preventative strategies like employee education, advanced security software, security access limits, security authentications, and firewall protection. Disaster plans are a tremendous burden to both the IT department and the organization. Our experience with clients reveals it is far better to prevent attacks than to fight loopholes in a claim. Organizations that are not employing preventative measures are seeing rate increases as high as 300%.
Professional support services
Cutting losses and starting from scratch are long and expensive processes. Unfortunately, a devastating ransom attack may cause a total rebuild of an organization. The RSM US Middle Market Business Index 2021 Cybersecurity Special Report found that 42% of middle market executives know of a company that has been a target of a ransomware attack. The professionals at RSM know how to make your business less of a target. They have extensive knowledge to limit damage if a viral load accesses your company.
Malware is a growing concern for businesses. Financially overwhelmed insurance companies can no longer support the high demands of ransomware. Many organizations stay ahead of the threat by turning to experts with a background in cyber security. As trusted experts, we narrow your security health risks through penetration testing techniques, analysis of business continuity, and consulting for incident management programs.
RSM provides a comprehensive cybersecurity rapid assessment that evaluates the potential risk and spread of an infection.
If your organization has questions about cyber security, contact our technology professionals at RSM to start that conversation.