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Here is what you need to know about cyber extortion coverage, including best practices and potential pitfalls for companies exposed to cyber extortion risk.Īlthough the specific policy wording varies from policy to policy, many cyber policies provide coverage for extortion-related expenses and payments paid by the policyholder as a result of a cyber extortion threat. These attacks highlight the importance of one of the lesser known areas of cyber insurance: cyber extortion coverage. Smith” and “Little Finger” claimed to have stolen 1.5 terabytes of confidential information from HBO, including unreleased Game of Thrones episodes, and demanded a multimillion-dollar ransom payment to prevent its release. In July, an anonymous hacker who called himself “Mr. In June, the NotPetya ransomware attack shut down hundreds of thousands of additional computer systems across the globe. In May, the WannaCry virus infected hundreds of thousands of computers worldwide. They should not have write access to those files, directories, or shares.Cyber extortion and ransomware attacks made headlines across the globe this summer. If a user only needs to read specific files,
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For Windows, specific settings can block macros originating from the Internet from running.ġ2.Ĝonfigure access controls including file, directory, and network share permissions with least privilege in mind. When the organization depends on the legitimate use of macros. Some Office products allow for the disabling of macros that originate from outside of an organization and can provide a hybrid approach
CYBER EXTORTION DEFINITION SOFTWARE
Maintain updated Antivirus software on all systemsġ1.ĝisable macros in Microsoft Office products. In cases of genuine URLs close out the e-mail and go to the organization's website directly through browserġ0. Never click on a URL contained in an unsolicited e-mail, even if the link seems benign.
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Scan all emails, attachments, and downloads both on the host and at the mail gateway with a reputable antivirus solution.Ĩ.ĝon't open attachments in unsolicited e-mails, even if they come from people in your contact list.ĩ. Sources, and addresses block these before receiving and downloading messages. Configure these devices to scan for known bad domains, Should have genuine updated antivirus, installed in your systemħ.ĝeploy web and email filters on the network. Keep your third party applications (MS office, browsers, browser Plugins) and operating systems up to date.Ħ. The fourth level is the use of network security solutions that can detect ransomware before it executes and can quarantine the suspicious process.ĥ. This typically monitors the behaviour of processes and detects activity that indicates Ransomware behaviour.Ĥ. The third layer of defence is to have technology installed on the endpoint. Such solutions are useful in sorting legitimate content from malware or unknown but suspicious sites.ģ. The second level of protection is to implement technology on email and web gateways that scans for known Require good backups from which it can restore data.Ģ. Good practice suggests that for an organization to be well prepared for this kind of attack, it will Once files are encrypted it is (for all intents and purposes) impossible to unlock themġ. It spreads from machine to machine via the corporate network,Īffecting endpoint devices (PCs, laptops) and servers, and can also spread to storage media on the network. Ransomware is often introduced into an organization through phishing emails, but it may also be introduced via exploits, USB drivesĪnd other media containing malware. Payment demands vary based on targeted organizations, and can range from hundreds to millions of dollars. Ransomware is a serious and growing cyber threat that often affects individuals and has recently made headlines for broader attacks on businesses. Typically in the form of an anonymous currency such as Bitcoin. Once activated, Ransomware prevents users from interacting with their files, applications or systems until a ransom is paid, Ransomware in seemingly normal emails or web pages. Ransomware is malware that typically enables cyber extortion for financial gain.