INCIDENT:-
Arthur J. Gallagher & Co., one of the largest insurance brokers with global presence, has revealed that it was hit by a ransomware attack on September 26, 2020. Gallagher still had a notice on its website that it was experiencing a system outage and is “working diligently to restore all functionality.”
FACTS
In a filing with the Securities and Exchange Commission (SEC), the company said it took all of its global systems offline as a precautionary measure, initiated response protocols, launched an investigation, engaged external cybersecurity professionals, and implemented its business continuity plans to minimize disruption to its customers.
CONSIDERATIONS
The ransomware attack is the latest in a long line of cyberattacks especially against financial institutions and manufacturing industries, which highlights the increasing threat they face amid lockdown restrictions. Large organisations sizable total assets and vast amounts of customer data make them attractive targets—and as a result, malware attacks against financial and manufacturing amounted to the majority of total global incidents in 2019, a higher proportion than any other industry. Here Cyber Insurance plays a greater hand, where co-related major costs like these are covered: –
- Business Interruption
- Cyber extortion
- Software restoration
- Cyber Investigation
- Response cost
- Reputational Cost
- Insurance for Far-Reaching cyber exposure
The above-mentioned exposures are not exhaustive in nature, but it is far reaching and may cause several co-related loss/damages, such exposures can be easily taken care under cyber Insurance policy.
Our Expertise and support
We have a number of different options available to protect your business. We at Beacon Insurance Broker Understands the exposure of your Cyber data or security in the best way possible to avert cost and losses by covering abovementioned exposure along with our tailored cyber coverage’s; we additionally cover all other related exposure in detail with our detail-oriented professionals.