What’s rocking the insurance industry by creating the highest severity and most frequent losses for insurance carriers? One word: ransomware. Unlawful hackers take control of systems and try to force companies to pay huge amounts to unlock them. 

The average ransomware payout has grown to nearly $234,000 per event, according to the Coveware Quarterly Ransomware Report (Q3 2020). One cybercriminals gang extorted at least $75 million from private sector companies, local governments, and hospitals, a former NSA contractor determined in a months-long study released this month. 

Episode 6 of our SON OF A BREACH! podcast series dives deep into the world of cybersecurity insurance and the ramifications of ransomware. Senior Vice President and Principal at RHSB Insurance Doug Jones joins CRITICALSTART Chief Technology Officer Randy Watkins and brings his expertise in insurance risk management that began more than 30 years ago. Jones has focused on technology-oriented risk and cybersecurity insurance for more than 20 years.

The ransomware risk is real, so tune in for clear explanations and practical insights on: 

• The insurance implications of ransomware to your business, and why you shouldn’t assume your current cyber liability policy fully covers ransomware
• Which security measures and cybersecurity services can help your company more easily access insurance coverage and receive better rates
• What to emphasize to your insurance carrier if you’ve had a security-oriented loss
• What to look for in third-party warranties provided by cybersecurity product providers