Ritman Insurance Insights

Ritman Insurance Insights

Cyber Crime in the form of Ransom Attacks

Posted 3:10 PM
RITMAN Agent Adam Gwaltney focuses on legal professional liability, title agent errors & omissions liability and cyber liability insurance. Read his latest blog below regarding Cyber Crime.


Cyber crime in the form of ransom attacks continues to rise...no matter who you are or what your company does. Falling into a ransom attack is like walking into a minefield, it is totally indiscriminate. These attacks can cripple your business at a minimum. Recent industry reports indicate ransomware attacks increased over 200% from 2015 to 2016. And the hits keep coming. Law enforcement sources state that many of these ransom cases go paid but unreported. Current statistics from the FBI indicate that about 4,000 ransom attacks are reported daily. One can only speculate as to how many go unreported.

Ransom attacks are not only continuing to increase exponentially in number of daily attacks, they are becoming more sophisticated and for increasingly higher ransom amounts. If your company, organization or association doesn't have a data security policy in force that provides ransom coverage....you are officially behind the curve.  To quantify in dollars and cents, our agency has seen ransom attacks range from $23,000 in total costs to the business to upwards of $100,000.

How deep is your pocket?