“Highly recommend John Phillips. We’ve recently had to claim on our insurance due to the loss of our websites and the whole process has been SO efficient. Every company should have cyber insurance”
Claire Maddox (MD)
Eurolink Connect Ltd
One of the biggest concerns for cyber insurers in the rise of ransomware attacks. This is not only in terms of frequency but also the severity. CFC Underwriting have noted that the ransoms demanded have been the largest they have seen going up into the millions.
Hiscox explain in their Cyber Readiness Report 2020 that larger attacks generally have two distinct phases. Following the initial infection the attacker will have access to your systems and be able to assess your valuable assets and set the ransom amount. Then there is the attack itself which will often be at a weekend to limit the scope of the response. There can be a period of about 1- 3 weeks between these phases. If you are able to keep on top of your threat monitoring it is possible you could stop the threat within this time frame meaning there would be less impact to your business.