Ransomware attacks have grown in sophistication and frequency, particularly in the wake of COVID-19, and ransom demands have steadily increased in size. Victims have paid upwards of $70 million to unlock their compromised networks and return stolen confidential data.

In light of this ever-growing cyber threat, it is important to understand the developing legal and regulatory landscape in order to take the proper steps at the first sign of an attack. Further, in order to maximize recovery for costs expended and ransom payments made, it is crucial to get your insurers involved immediately and to make efforts to understand how to best posture your breach response.

Insurance Coverage for Ransomware Attacks