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Cyber Attacks: How Data Breach Services Can Help You Pay Your Next Ransom

May 3, 2017  |  Posted by Nick Peterson  |  3141 Views

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Today’s online environment is far from safe – fake news, hacked elections, and entire governments vulnerable to constant cyber-attacks. If hackers have infiltrated the most advanced online securities, they certainly have got their eye on your database (and money).

There is nothing fair about it (60% of small businesses go out of business after a Cyber-attack), but the fact is, the threat for cyber-attacks has nearly tripled over the last two years. Because smaller companies tend to have weaker online security, they are the first sheep to be picked off by the wolves. All the information that a hacker could ever want is hiding behind an easily picked lock.

There are many kinds of digital hijackings, but in recent cases there have been reports of “Ransomware” attacks, when a hijacker holds important information or system access hostage. In 2017, hackers have begun to demand more money than ever before, but now they are requesting it in bitcoins. Often, the best course of action is to pay for the release of the data.

Purchasing a Cyber Liability add-on to your Commercial policy provides coverage that includes Data Breach Services. These services help to negotiate the ransom down and help with purchasing and paying in bitcoin.

Capacity Insurance Company’s Cyber coverage includes Data Breach Services from CyberScout, which includes:

  • Crisis management
  • Answering questions
  • Provides necessary documentation
  • Drafts breach notices
  • Provides industry best practices regarding the handling of a breach
  • Expert case handling from the first call to remediation with built-in identity theft resolution for all affected individuals

And those pesky bitcoins? CyberScout handles all negotiations on the business owner’s behalf.

An average premium of $108 a year is a small price to pay for the confidence that when the time comes, there is a light at the end of the tunnel.

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