Ransomware

Several news outlets have reported incidents of late in which various organizations have fallen victim to malicious viruses that operate by encrypting the targets system. The encryption is quickly followed up by a  demand for money, or Bitcoin, to release the encryption. Typically, these type of viruses are launched in the system when an unwary employee opens an attachment to an email that contains the malicious code. Newer versions do not require the active participation by an unwary employee, but exploit vulnerabilities in various applications and software to operate. One of our major Cyber Liability carriers, Beazley Insurance Company, recently released the attached item that provides an update on this current trend and ways to mitigate the exposure and prevent losses. I thought you might find this of interest as you discuss these exposures with your clients. Feel free to pass this on to those who may be interested.