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Cyber Ransom Insurance: Does Your Business Need It?

Posted: June 21, 2016 to Cybersecurity.

Tags: Ransomware, HIPAA, Compliance

As our blog's history shows, the healthcare industry has become an increasingly popular ransomware target for cybercriminals. With this rise in attacks comes a new industry: Cyber Ransom Liability Insurance. Ransomware attacks began to rise earlier this year, so they are not covered under most standard insurance policies. When choosing a policy, it is important for the insured to consider not just the price of the ransom, but the after effects as well: Malpractice suits, the cost of being closed, and compensation for the victims, just to name a few. Another critical issue is educating the employees. One bad download or weak password can make the entire practice vulnerable. If you are concerned about whether or not your policy will pay out if you are cyber hijacked, call your insurance company and have a representative walk you through it. Insurance companies often don’t want to pay out, so it’s vital you know where you stand. You may want to also consider beefing up your coverage to ensure that it will cover all the associated costs, in case you or your company becomes a cyber victim. For assistance educating your employees, contact us today.

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About the Author

Craig Petronella, CEO and Founder of Petronella Technology Group
CEO, Founder & AI Architect, Petronella Technology Group

Craig Petronella founded Petronella Technology Group in 2002 and has spent more than 30 years working at the intersection of cybersecurity, AI, compliance, and digital forensics. He holds the CMMC Registered Practitioner credential (RP-1372) issued by the Cyber AB, is an NC Licensed Digital Forensics Examiner (License #604180-DFE), and completed MIT Professional Education programs in AI, Blockchain, and Cybersecurity. Craig also holds CompTIA Security+, CCNA, and Hyperledger certifications.

He is an Amazon #1 Best-Selling Author of 15+ books on cybersecurity and compliance, host of the Encrypted Ambition podcast (95+ episodes on Apple Podcasts, Spotify, and Amazon), and a cybersecurity keynote speaker with 200+ engagements at conferences, law firms, and corporate boardrooms. Craig serves as Contributing Editor for Cybersecurity at NC Triangle Attorney at Law Magazine and is a guest lecturer at NCCU School of Law. He has served as a digital forensics expert witness in federal and state court cases involving cybercrime, cryptocurrency fraud, SIM-swap attacks, and data breaches.

Under his leadership, Petronella Technology Group has served 2,500+ clients, maintained a zero-breach record among compliant clients, earned a BBB A+ rating every year since 2003, and been featured as a cybersecurity authority on CBS, ABC, NBC, FOX, and WRAL. The company leverages SOC 2 Type II certified platforms and specializes in AI implementation, managed cybersecurity, CMMC/HIPAA/SOC 2 compliance, and digital forensics for businesses across the United States.

CMMC-RP NC Licensed DFE MIT Certified CompTIA Security+ Expert Witness 15+ Books
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