05/21/2021
WHAT IS RANDSOMWARE???? It is a global term for any computer virus used to deny access to a computer’s system, data or
files by the owner or authorized users. In exchange for its release, criminals typically ask for some form of
payment or ransom, usually in bitcoin, which is untraceable.
5 Stages of a Ransomware Attack
PROTECT YOUR BUSINESS • Train employees to spot suspicious looking emails or websites
• Implement strong password protection rules
• Back up systems frequently
• Have a business continuity plan and test regularly
• Install and maintain updates for anti-malware software
• Maintain application and operating system updates
• Implement “least privileged” access
• Keep macros disabled
• Have a communication strategy in place to notify those affected
I NSURANCE T IPS • Some policies only cover demands for money and
not those related to social activism (like the Ashley
Madison extortion).
• Demands are usually small. Consider a low deductible.
• Notice the “Notice Requirement.” It may be a narrow
reporting deadline.
A STANDALONE CYBER POLICY CAN
COST AS LITTLE AS $500.
A victim opens a tainted email
or link, unknowingly installing
a ransomware virus into a
computer or network.
WHAT IS
A RANSOMWARE ATTACK?
Installation Confirmation Greeting Encryption Extortion
After installation but before
the actual attack, the virus
confirms ex*****on with its
criminal source code.
The virus and the criminal
source server “shake hands,”
creating a key—the only thing
that can unlock the locked files.
The virus starts the
attack by encrypting files.
A demand is made for payment
with the threat that the key
will be destroyed and all files
