Ransomware and Cyber Business Interruption Overview
As the complexity and frequency of ransomware attacks increase, organizations must consider that it’s not just data that hackers are targeting. There is an increasing risk of cyber business interruption (BI). This growing digital peril has presented new challenges to business continuity and security.
While organizations are used to considering business interruptions related to circumstances like property damage, the threats of cyber BI can have much wider ramifications. For a business with operations in multiple sites — even multiple countries — the BI impact of a ransomware attack can reach beyond a single property and disrupt operations worldwide.
Ransomware attacks exploded in number and frequency during 2020. As the number of attacks grew, so did their cost: the Aon report projected business costs associated with ransomware attacks to total $20 billion in 2021. To mitigate financial loss, organizations should prepare to address cyber BI before a disruption occurs.
Understanding Risk and the Importance of Preparation
The threat of cyber attacks continues to grow and, with it, the risk of cyber business interruptions. By analyzing exposures, taking steps to address risk and establishing a strategy for assembling a claim quickly and accurately, businesses can better prepare themselves for the threat of cyber BI.
For businesses, the task of preparing for cyber BI risk includes several imperatives. Read our full piece ‘Ransomware Isn’t Just About Data: The Rising Risk of Cyber Business Interruption,’ on The One Brief to learn more.
