This is how anti-ransomware insurance works

Anti-ransomware insurance

Ransomware is a security threat that can put our files at risk. The goal of cybercriminals is to encrypt all kinds of documents and then ask for a ransom to make them available again. Security measures are sometimes not enough and that forces some users, especially companies and organizations, to take alternatives. What does a ransomware insurance? Does it really do any good? We talk about it in this article.

Secure against ransomware

Insurance is a way to protect us in case something happens. For example, car insurance, health insurance, travel insurance, home insurance… If, for example, the car suffers damage, the insurer bears the costs depending on the contract we have. The same with any other subject.

Therefore, anti-ransomware insurance is basically this. We are going to pay money to be protected in case of suffering a computer attack of this type. These types of threats can lead to huge financial losses for a company or organization. It can cause them to lose valuable files or make the service unavailable for a while, resulting in not being able to sell products.

However, insurance against ransomware they are not all the same. That will depend on the policy. For example, it could cover the cost of lost revenue for the time a business is unable to operate due to this type of attack. It could also cover the loss of files that may be valuable or even the economic demand that the cybercriminal behind that attack demands.

Everything will be defined in terms of the contract. There will be certain limits, certain situations in which the insurer may or may not cover economic losses, if it is only part or all, as well as in what circumstances it will not take care of anything. Basically like any other insurance that we take out, whether for the home, the car, etc.

Option, but no real solution

You might think that ransomware insurance could be a solution for businesses. They just pay a fee and don’t worry. But the truth is that this must be taken with great caution. The first thing about the small print of these insurances, is that in most cases they will only cover certain circumstances and not always the entire economic amount. So, the problem will always be there.

The second thing is that this is not going to prevent a company from having problems. In other words, if an online store stops working for a while due to a ransomware attack, even if insurance pays money for that time, the damage will go beyond that; you will lose credibility, maybe customers, etc. Also, there are reasons not to pay for ransomware.

the best is always prevent ransomware attacks. It is essential to maintain common sense and not make mistakes. Therefore, having the workers of a company prepared so that they do not fall into the trap is essential. It will also be important to have a good antivirus, as well as having everything updated correctly.