In this age of increasing cyber crime, professional service firms should anticipate that their business files and systems could be held for extortion payments. Unfortunately, some have already been victims of ransomware demands. Firms that have experienced the chaos and despair that a ransomware attack causes know that it is a largely self-inflicted injury that is costly, debilitating, and damaging to a firm’s reputation. Firms that have yet to be attacked should know that they can protect their operations through staff education, comprehensive data protection procedures, and insurance coverage that is ready to help if an attack occurs.
We delve deeper into this issue in our newest Management Advisory, “Protect Firm Operations from the Disaster of Ransomware.” A properly prepared firm can greatly minimize the impact of a ransomware attack. An unprepared firm is setting itself up for potential disaster. Current policyholders and brokers can read this Advisory as well as our entire library of other Advisories.