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L Squared Insurance Agency Blog: ransomware

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L Squared Agency is a nationwide agency that specializes in professional liability insurance.  Because many of our clients need access to surplus lines insurers, L Squared also is a surplus lines broker in many states.  All surplus lines policies need to be reported to each state when written by a surplus lines broker. READ MORE >>

Ransomware encrypts computer files and is used by hackers who then demand money in exchange for freeing the content.  It is becoming a huge problem globally.  The costs of unlocking data varies; with individuals typically paying a few hundred dollars to thousands of dollars for businesses. READ MORE >>

The Hartford's Tom Kang wrote a recent article on How to Respond to Ransomware.  It is a worthwhile read: By Tom Kang   The first ransom note in American history was written in 1874, when kidnappers demanded $20,000 to return four-year-old Charley Ross to his parents. READ MORE >>

How to Respond if Your Company's Data is Taken Hostage   By Tom Kang of The Hartford   The first ransom note in American history was written in 1874, when kidnappers demanded $20,000 to return four-year-old Charley Ross to his parents. READ MORE >>

Even large sophisticated law firms such as DLA Piper are not immune to Cyber attacks.  According to the ABA Journal DLA Piper was struck by a ransomware attack on Tuesday.  It is impacting offices in the US, Europe and the Middle East.  It appears that this attack started in Spain and spread to the rest of the law firm. READ MORE >>

Law Firms that are relying on their Business Owners Policy (BOP) or their Attorney Malpractice Policy to cover Cyber Exposures should pay attention to the Rhode Island Law Firm that was hit with Ransomware.  According to the ABA Journal Article, the Law Firm of  Moses Afonso Ryan Ltd wa... READ MORE >>

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: READ MORE >>

According the BBC report  CFC Cyber Insurance Claims have increased 78% for data breach/cyber-attacks.  The claims came in at a rate of more than 1 a day in 2016 for this insurer.  They have seen large amounts of login details stolen and shared more frequently. READ MORE >>

To start the year on a positive note, the Website NoMoreRansom.org is a project that is just starting up that has tools that may or may not help if your hit with Ransomware.  This is a good website address to keep around just in case. READ MORE >>

Many recent examples point out that law firms are not immune to Cyber Crimes.  An ABA article asks whether your firm has Cyber Insurance.  It gives as an example a 2015 incident where a four-attorney California Law Firm had a cyber attack experiencing the “Cryptolocker Ransomware ”. READ MORE >>

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