Ransomware attacks, third-party liability and you

Rather than depend on general liability coverage, which may not cover cyber risks, organizations should consider adding cyber insurance to their insurance portfolio. (Credit: Mister x)

The COVID-19 pandemic has caused a massive shift in the way organizations do business and the way their employees do their work, but, as is often the case, this shift has brought about an increase in cybersecurity risks, which should not be overlooked.

Much of this increased risk comes from the rise of ransomware attacks. According to one of the largest cyber insurance providers in North America, approximately 41% of cyber insurance claims in the first half of 2020 are attributed to ransomware attacks.