Mobile malware - could it happen to you?
Published: Friday, 16 September 2022
It can be easy to let your guard drop when using a mobile
Criminals look for the simplest way to break into your company systems.
Most of us think a cyber breach won't happen to our businesses, after all we have firewalls and IT security procedures.
All it takes is one 'click'
A member of staff downloads a work email on their mobile. The message looks innocuous, but it contains a problem. Downloading the message has allowed malware into the system which silently and methodically encrypts every file on your server. Your team reports that they are unable to access files and shortly after, a ransom demand arrives offering to remove the encryption in return for a sizeable payment.
To pay or not to pay?
What would you do? Pay? Would that encourage the criminal to come back again? What guarantee do you have that your files will be released? Can the perpetrator engineer another entry into your system whenever they feel inclined?
You decide that paying is not the answer. This is where you hope that your backup processes have worked! (You would be surprised to hear how many firms don’t test that their back ups work!)
If you don't pay, how do you restore your systems?
Do you have the IT expertise in-house to forensically investigate, or is it better to bring in outside experts to avoid your team “marking their own homework “? External experts can be very costly, especially if you need them when they are in demand elsewhere.
A good quality Cyber Insurance policy typically provides access to external expertise 24/7 with costs reimbursed up to the limit you select. If policy limits are insufficient, the charge out rates you pay are based on preferential terms negotiated by insurers.
Even with the appropriate expertise, the downtime for your system means that staff are unable to work for a number of days. At your daily running cost, how much would this hit your bottom line? Business interruption cover provided within Cyber Insurance will reimburse downtime costs as well as additional expenditure involved in catching up. Your cyber cover may also help to restore the reputation of your firm, which is particularly important where clients may have been affected.
The cyber threat landscape continues to evolve in terms of complexity and innovation by hacking groups, with ransomware attacks and phishing e-mails still featuring prominently among the SME sector. With reliance on technology increasing so do the digital risks associated with this growth. Cyber insurance should be considered in the same vein as property or office insurance - it is just as important in providing essential insurance protection to your business.
For more information contact:
Cyber Insurance Consultant, Ntegrity