The estimated cost associated with ransomware attacks is set to reach $20 billion by 2021 as bad actors are increasingly resorting to ransomware as the go-to tool for attacking and extorting business. Their attacks have grown more sophisticated and complex and employ a wide range of variants creating an uphill task for security leaders around the world. In a podcast for Cybercrime Magazine, Devon Ackerman, Managing Director and Head of Incident Response, North America, at Kroll, a division of Duff & Phelps, is joined by David Rock, Vice President, North American Claims Group, Head of E&O Claims, Allied World, to address this growing concern as subject matter experts in incident response and cyber insurance.
According to Devon, “An organization, irrespective of size should have some proactive measures to manage the what-if scenarios of a ransomware attack.” He advised that preparatory steps help preserve the proverbial “castle walls” and go a long way in limiting the probability of an organization falling victim to a ransomware attack, softening the expected impact. From proactive efforts to remediate the threat of ransomware to cyber insurance serving as a valuable component in a larger risk management strategy, Devon and David share their insights on dealing with ransomware attacks.
Listen to the podcast here.
