Call Us 866.940.1101 ☰ ˟
866.940.1101
Logo
  • Home
  • About Us
    • About Us
    • Employee Directory
    • Partners Page
    • Event Calendar
    • Refer a Friend
  • Get A Quote
  • Products
    • Lawyers Malpractice Insurance
    • Professional Liability Coverage For Attorneys
    • Accountants Professional Liability
    • Dentist Malpractice Insurance
    • Business Owners Policy
    • Cyber Liability Insurance
    • Workers Compensation Insurance
    • Title Agents E&O Insurance
    • Paralegal Malpractice Insurance
  • Testimonials
  • Common Terms
    • Common Terms
    • Frequently Asked Questions
  • Blog
  • Contact
  • Areas We Serve
    • Grand Rapids, MI
    • Detroit, MI
    • Lansing, MI
    • Kalamazoo, MI
Home > Blog > Cyber Liability—Ransomware Attacks continue to Increase
TUESDAY, FEBRUARY 14, 2017

Cyber Liability—Ransomware Attacks continue to Increase

According to a report by Quartz Media, Ransomware attack frequency steadily increased in 2016 to almost 300 million attacks in the 4th quarter of 2016.  In total the number of Ransomware attacks went from 3.8 million in 2015 to 638.2 million in 2016.  Here are some of the reported recent victims:

 

Date

Incident

Payment

February 2016

Hollywood Presbyterian Medical Center

$17,000

April 2016

Lansing Board of Water & Light

$25,000

September 2016

VESK cloud services

$22,800

November 2016

San Francisco Transit Authority

$73,000

 

Obviously prevention is the best course.   But if you do get hit with Ransomware, the Website NoMoreRansom.org  is a project that is just starting up that has tools that may help.  This is a good website address to keep around just in case. 

The rise is blamed on the appearance of freely available source code for Ransomware and the debut of online services that let amateurs cash in.  Ransomware is easy to use, low risk and offers a high reward.  The return on investment is very high.

Keeping your antivirus software and computer systems up to date can help.  But more importantly is staff training on how to recognize cyber-attacks.

Typically your accountant or lawyer malpractice insurance will not cover such claims unless it results in a malpractice or disciplinary issue.  Your business owner’s policy likely will not provide coverage unless endorsed.  Cyber Insurance many times is the best alternative for covering these types of risks.  L Squared represents a number of Cyber Liability Insurance carriers that specialize in insuring professionals. 

Posted 12:08 PM

Tags: cyber insurance, data breach, ransomware
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2013
  • 2011

  • lawyers professional liability insurance(429)
  • attorney malpractice insurance(399)
  • attorney malpractice(337)
  • legal malpractice(225)
  • legal liability(134)
  • cyber insurance(106)
  • data breach(92)
  • ethics(87)
  • erp(57)
  • malpractice insurance(55)
  • claims(39)
  • title agency e&o(36)
  • accountant e&o(34)
  • extended reporting period endorsement(30)
  • tail(29)
  • phishing(25)
  • legal malpractice insurance(23)
  • prior acts(22)
  • claims made coverage(21)
  • extended reporting period(21)
  • cyber security(20)
  • cyber liability(18)
  • accountant errors & omissions(18)
  • claims reporting(18)
  • crime insurance(16)
  • ransomware(16)
  • claim prevention(16)
  • attorney protective cle(14)
  • the hartford weekly newsletter(14)
  • attorney protective cle webinar(14)
  • 2022 mcgowan pro cpe webinar for accountants(13)
  • professional liability insurance(13)
  • mcgowan webinar series for cpas 2021(12)
  • retirement tail(12)
  • attpro tip of the month(12)
  • business owners insurance(11)
  • legal liability insurance(11)
  • fee suits(10)
  • full prior acts(10)
  • cyber crime(10)
  • accountant errors & omissions insurance(10)
  • prior acts date(9)
  • step rating(9)
  • non-practicing erp(9)
  • bop(9)
  • cyber liability insurance(9)
  • title agent errors & omissions(9)
  • claims made(9)
  • coverage(8)
  • webinar(8)

View Mobile Version
Logo
Quick Links
Home Our Products Customer Service Payment Options Common Terms
About Us Refer A Friend Our Carriers Blog Contact Us
Location
2430 Camelot Ct SE
Grand Rapids, MI 49546

Local: 616.940.1101
Toll Free: 866.940.1101
Email: info@L2ins.com
Facebook Twitter Social LinkedIn
© Copyright. All rights reserved.
Powered by Insurance Website Builder