Cyber Crime

Cyber criminals can target individuals, but usually don’t. Ransomware attacks on corporations and cities are much more lucrative, and as with the “Willie Sutten theory of marketing” crooks and successful businesses go where the money is. Ransomware attackes are expected to reap upwards of $11 billion in ransom in 2020, and targets will spend several times the amount of the ransom undoing the damage.

The question for which you might not want an answer:

If a cyber crook uses your computer or your network to connect to a business or city and then makes an attack on that city, what is your liability?

Because you probably have one.

Among the things you need to do:

  • Check the incoming email address of messages against the name shown. If it doesn’t make sense, don’t open it. If the email is supposedly from someone you know, call them.
    • Making sense: no typos in the address, such as JaneDoe@AmericnaExpress.com and the sender name is the same as on the email address, such as a mail from Mike Smith isn’t from JJones@xyz.br
    • No country suffix in the email domain, like “.br” for Brazil or “.ru” for Russia, unless you are expecting mail from there
  • Keep your antivirus software up to date and make sure it’s running. Some malware works by turning off your antivirus software.

If you have personal assets to protect, you might want to check into cyber insurance or see if an umbrella policy for your households will cover the risk.

I’m working on a new white paper, “Insurance for Business Start-ups.” It’s what you need to know if you’re starting a new corporation, LLC or professional practice. If you’re interested, email me and I’ll send you a copy.
vic@craininnsurancellc.com

Sources:

  1. https://www.databreachtoday.com/blogs/ransomware-risk-management-11-essential-steps-p-2841?rf=2019-12-19_ENEWS_SUB_DBT__Slot1_BLOG2841&mkt_tok=eyJpIjoiWWpZM1ptVTBOek0zWm1OaSIsInQiOiJUOHdKXC9lUFlFeGE0ZzR4TU9cL1YzNmdTbUVcL2daOTNLWDlpVGhFQms1eUliSG1GSzREak1pUGdlbFJoOUJmZnY0SE9veGZlNEFYVDVsY0FWK21EQXdGcHZaNzlQekxiVURxdmJHWGg3NXN5dGtJM2hxZzQ5SmoxajFyNW1USmhRMyJ9
  2. https://www.irmi.com/term/insurance-definitions/ransomware

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