Ride the Lightning
Cybersecurity and Future of Law Practice Blog
by Sharon D. Nelson Esq., President of Sensei Enterprises, Inc.
Ransomware Cyberinsurance: More Costly, Harder to Get
September 23, 2021
I was delighted to find a recent article by our friend Sherri Davidoff entitled, “How to Find Ransomware Cyber Insurance Coverage in 2021.”
Sheri is quite correct – cyberinsurance is harder to get and more expensive. Our premium at Sensei went up by 30% and 40% is not unusual. As Sherri points out, you often pay more and get less coverage.
The article lays out the things you need to look for in a cyberinsurance policy, with tips and explanations, including business interruption coverage, data recovery services, security incident and breach coverage, and coverage for dependent business interruption to cover supply chain risks.
You also want a company that has a 24/7 hotline for reporting incidents and a team that can help you when you’ve been hit. Remember that, according to cybersecurity provider Fortinet, 76% of ransomware attacks occur after hours and on weekends.
Insurers, these days, often offer access to breach managers/coaches, data breach attorneys, digital forensics investigators, ransom negotiators, etc.
As the article notes, companies are denying coverage in some cases if you don’t meet the insurer’s required security specifications. They are most commonly looking for multifactor authentication, the restriction of remote login interfaces, backups that are impervious to ransomware attacks, and a system for regularly applying software updates to computers, applications and network devices.
A nice overview of cyberinsurance in 2021, with good practical tips!
Sharon D. Nelson, Esq., President, Sensei Enterprises, Inc.
3975 University Drive, Suite 225, Fairfax, VA 22030
Email: Phone: 703-359-0700
Digital Forensics/Cybersecurity/Information Technology