Ransomware attacks are associated with increased losses due to a rise in ransom demands and the associated expenses in getting systems back online.1 At AIG, we anticipate an increase in cyber business interruption on a global level as ransomware and extortion attacks evolve. The rapid spread of malware or attacks on critical service providers by state-sponsored actors could bring widespread disruption and potentially also physical damage to a wide range of industries.
There are many steps organizations can take to mitigate the risk, including having multiple backups; however, cyber insurance is becoming an important backstop to protect an organization’s balance sheet and help it recover quickly when these incidents occur.
- Please reference our Staying Safe from Ransomware page for more safety tips to help protect yourself from ransomware threats.
- More resources from partner organizations can be found on these pages to include additional actions and resources available to your organization designed to address ransomware.