IN THIS ISSUE:

Cyber Insurance: What is Ransomware?

All businesses, including self-storage operations, are vulnerable to the risk of cyberattacks and data breaches, but many owners of small and medium-sized businesses underestimate the threat. A recent industry study indicates that the average cost of a ransomware attack on a business is $5 million. While that's an interesting statistic, it doesn't help the average non-IT professional understand the scope of the risk.

What is Ransomware?
Ransomware is a form of malicious software (or malware). A hacker's goal is to deliver the ransomware to a computer user, usually via a link embedded in an email, where the software will install itself on the business's network server. Once installed, the ransomware will lock and encrypt the company's data and then demand payment of a ransom to restore the data and remove the malicious software. However, some cybercriminals are happy to take the money without holding up their end of the deal, leaving the victimized business without access to vital data and files.

Risk Management for Ransomware
Here are some risk management tips to help minimize the risk of a ransomware attack.

• Use security software and keep it up to date.

• Update operating systems and other software.

• Never open email attachments from unfamiliar or untrusted senders.

• Never click on a link in emails from unfamiliar or untrusted senders.

• Back up important data regularly to an external hard drive or cloud service.

Cyber insurance products from MiniCo Insurance Agency are designed for small and medium-sized businesses and include coverage for data extortion from a ransomware attack as well as other exposures. Your independent insurance agent is an excellent resource for identifying coverage to address your self-storage operation's cyber insurance needs.