"These insurance providers must underwrite the financial risks of cyberextortion
, data security threats and breach of privacy litigation," said David Uze, CEO of mobility platform and security provider Trillium Secure.
Ransomware: This is a type of malicious software that blocks access to a computer until a sum of money is paid as a form of cyberextortion
. Ransomware continues to be a popular method used by cybercriminals.
Cyber insurance may also cover liability arising from web content as well as property exposures from issues such as computer fraud and cyberextortion
Cyberliability refers to legal dangers arising from data breaches, privacy law violations, and ransomware / cyberextortion
threats, as well as data loss and business interruption from computer system failures.
The campaign will also reach out to the sports sector, while spreading awareness against cyberextortion
among young players in the sports academies and different clubs like Dubai Sports Clubs, Al-Ahli Club Dubai, Al Nasr Club, Al Wasl Club and Hatta Club.
The PNP's Anti-Cybercrime Group (ACG) said while ransomware attack or cyberextortion
could be prevented, no cybercrime unit anywhere in the world had been able to stop it.
Panda Security's 5 tips for avoiding cyberextortion
ThreatTrack Security found 38% of organizations have already been targeted by cyberextortion
, and the number of "families" of this type of malware grew more than 600% last year, according to Bromium Labs.
government organizations by foreign governments to steal government secrets for military, intelligence, economic or other foreign policy gains; and then Cyberextortion
. These primary categories highlight the diversity of hackers' targets and the creativity of their methods, and the frequency of these hacks demonstrate the inadequacy of traditional approaches to cybersecurity.
But many plans also cover cyberextortion
, when businesses have no choice but to (http://www.ibtimes.com/how-stop-ransomware-cyberattack-holds-your-computer-hostage-until-you-pay-2154463) pay a ransom in the thousands of dollars to regain access to their data, and new strains of malware (now (http://www.ibtimes.com/medical-websites-targeted-26-all-malware-2015-digital-assault-healthcare-ramps-2150765) more prevalent than ever ).
Some insurance policies cover legal services, forensic services and business interruption expense, as well expense stemming from cyberextortion
Depending on the policy, cyber insurance may cover forensic investigation and system restoration costs; defense and indemnity costs associated with litigation resulting from the loss of personal information or other sensitive data; defense costs and penalties associated with regulatory investigations; notification costs and credit monitoring for affected customers and employees; losses attributable to the theft of the policyholder-company's own data (including transfer of funds); business interruption costs attributable to a cyberattack; costs required to investigate threats of cyberextortion
and payments to extortionists; and crisis management costs, such as the hiring of public relations firms.