Ransomware attacks are becoming more frequent and malicious. Ransomware is malware that encrypts data, rendering it unusable or unreadable until a ransom is paid. These attacks can be extremely damaging, resulting in downtime, loss of data, and damage to a business’s reputation. With the increasing threat of ransomware, Bogden Insurance Agency wants businesses in Berlin, CT to understand their insurance options to mitigate the risks associated with these attacks.
Does commercial insurance cover ransomware attacks?
Some commercial insurance policies offer specific cyber policies that cover cyber risks, such as ransomware attacks. Cyber insurance policies can offer additional coverage, such as data recovery and cyber liability insurance, which covers legal fees and damages resulting from a cyberattack.
Another type of insurance policy that may cover ransomware attacks is business interruption insurance. This policy covers loss of income and expenses related to a cyberattack interrupting your business operations. This policy can be invaluable in recovering from a ransomware attack, as businesses face the ransom demand and the costs of dealing with the attack, such as data recovery and IT support.
Businesses should ensure that they understand the terms and conditions of their policy and speak with their insurance agent to identify any gaps in coverage. Cybercrime and its associated risks change rapidly; check your coverage at least once a year to ensure your business has the coverage it needs.
We Can Help!
Ransomware attacks can be extremely costly in the short and long term. Berlin, CT businesses need to understand their insurance options to effectively mitigate the risks associated with these attacks. Don’t wait until it’s too late. Take action to protect your business today by contacting Bogden Insurance Agency. This can be confusing, so contact us anytime you have questions.