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The U.S. Department of Justice has reported that an average of 4,000 ransomware attacks occur in the United States each day. According to the Federal Bureau of Investigation, U.S.-based ransomware victims reported more than $209 million in losses in the first three months of 2016 alone. Given the potential legal and financial consequences of such an attack, in-house legal teams are well-served to build an understanding of what ransomware attacks are, what preparations can minimize the impact of an attack, and how to respond when an attack occurs.