Specialty Fabrics Review December 2021 - 49

costs of software, data, computers
and servers that were lost or damaged
by ransomware under the property
insurance coverage of one business
owner's insurance policy.
However, business interruption
insurance can help the business
regain only some of the financial
loss resulting from a security breach.
Yet, without business interruption
insurance an operation could not
make up any income lost due to the
disaster-the ransomware attack.
To protect against cyber risks,
many businesses are beginning to
add cyber or cyber liability coverage
to their business insurance policies.
So-called data breach insurance helps
a business respond to breaches and
usually offers sufficient protection
for most small businesses.
Cyber liability insurance, on the
other hand, is typically used by larger
businesses and offers more coverage
to help prepare for, respond to and
recover from cyberattacks.
It should be noted that most
cyber policies require that a business
receive permission from the insurance
company before any ransom amounts
are paid. And remember, although
most cyber-related insurance policies
provide reimbursement for a ransom
payment and related expenses, they
don't pay these costs up-front.
The cost of ransomware
Since payment of a ransom does not
guarantee the operation's computers
or data will be unchanged after their
release, expenditures to restore, replace
or reconstruct programs, software
and data are often necessary. And
don't forget there are other extortionrelated
expenses including the cost of
hiring a security expert for advice on
responding to these threats to ensure
they don't happen again.
Avoiding the inevitable
While it is frightening to think that
nothing can be done when faced
with a cyberattack, being prepared
for the potential lost revenue/income
during downtime due to an attack is
as important as preemptively assessing
what cybersecurity measures are
already in place.
Ransomware attackers, indeed
all malware distributors, have grown
increasingly savvy, requiring users to
exercise extreme caution about what
is downloaded or clicked on. Other
measures for reducing the risk of
potential ransomware attacks include:
*Keep operating systems, software
and applications up to date.
*Ensure that antivirus and antimalware
programs are updated regularly and
run scans on a regular basis.
*Back up data regularly and
double-check that those backups
were completed.
*Secure those backups and ensure they
are kept separate from the networks
and computers that were backed up.
*Create a plan in case your business
is the victim of a ransomware attack.
The endgame
Preparedness only goes so far in
protecting against these increasingly
more sophisticated attacks. Tax
deductions can offset a portion
of the cost of ransomware attacks
while insurance is available to help
ease the pain.
Bottom line is the question: Does
funding these cybercriminal organizations,
in essence helping them proliferate,
outweigh paying ransom for the
promise of restored computer systems
and unlocked data? This is something
to consider before an actual ransomware
attack affects your company.
Mark E. Battersby writes extensively on business,
financial and tax-related topics.
www.SpecialtyFabricsReview.com 49
Ransomware protection
for IFAI members
According to Marsh McLennan
Agency, IFAI's preferred
business insurance broker and
risk management consultant,
ransomware attacks have
increased by 146 percent since
the start of the pandemic.
With more employees working
remotely, businesses have
been exposed to more risk than
ever. For more information
about business insurance and
risk management options,
contact Andrew Burt at Andrew.
Burt@MarshMMA.com or Kory
Eastenson at Kory.Eastenson@
MarshMMA.com.
Want more? We have it!
Search ransomware at
www.SpecialtyFabricsReview.com
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Specialty Fabrics Review December 2021

Table of Contents for the Digital Edition of Specialty Fabrics Review December 2021

Specialty Fabrics Review December 2021 - Cover1
Specialty Fabrics Review December 2021 - Cover2
Specialty Fabrics Review December 2021 - 1
Specialty Fabrics Review December 2021 - 2
Specialty Fabrics Review December 2021 - 3
Specialty Fabrics Review December 2021 - 4
Specialty Fabrics Review December 2021 - 5
Specialty Fabrics Review December 2021 - 6
Specialty Fabrics Review December 2021 - 7
Specialty Fabrics Review December 2021 - 8
Specialty Fabrics Review December 2021 - 9
Specialty Fabrics Review December 2021 - 10
Specialty Fabrics Review December 2021 - 11
Specialty Fabrics Review December 2021 - 12
Specialty Fabrics Review December 2021 - 13
Specialty Fabrics Review December 2021 - 14
Specialty Fabrics Review December 2021 - 15
Specialty Fabrics Review December 2021 - 16
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Specialty Fabrics Review December 2021 - 18
Specialty Fabrics Review December 2021 - 19
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