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Risk in Context Podcast: The Evolving Threat of Ransomware

In this episode of Marsh’s Risk in Context podcast, Tim Marlin, Susan Young, and Stephen Viña of Marsh’s Cyber Practice talk about how ransomware attacks are changing, what businesses must consider in making decisions about ransom demands, and some of the steps they can take to mitigate their risk.

18/10/2021

Ransomware attacks are growing more frequent, severe, and sophisticated. With businesses of all type at risk, it’s imperative for risk professionals and others to be ready.

In this episode of Marsh’s Risk in Context podcast, Tim Marlin, Susan Young, and Stephen Viña of Marsh’s Cyber Practice talk about how ransomware attacks are changing, what businesses must consider in making decisions about ransom demands, and some of the steps they can take to mitigate their risk.

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Key takeaways

The frequency and severity of ransomware attacks and claims involving companies of all types is growing.

In addition to locking up companies’ technology systems, attackers are increasingly threatening to release sensitive corporate data to the public of ransoms are not paid.

Attackers are frequently targeting companies with poor cyber hygiene.

In addition to being at greater risk for attacks, companies without strong cybersecurity controls are facing a difficult cyber insurance market.

Before an attack, it’s vital for organisations to have in place detailed, tested, and regularly updated cyber incident response plans.

Businesses should also understand the criteria they must consider if faced with a decision about whether to pay a ransom demand.

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