Risk & Business Magazine Nesbit Agencies Spring 2020 | Page 13

HACKED SYSTEM option, in actuality, it is extremely difficult to do so. Fully removing a virus from an infected system while keeping the system intact requires advanced decryption and analysis. Because ransomware is constantly evolving, in most cases, decryption technology is not advanced enough to fully recover files affected by the latest malware strains. This constant evolution also enables traces of the virus to remain dormant and undetected after the system has been restored, waiting to attack again. Thus, a complete wipe and start from scratch is the best option for most ransomware victims. Doing so is the surest way to know that all traces of the infection have been removed from your system. If you’ve been diligent in creating backups of your files, it should be relatively easy to wipe and repopulate your system data within a close proximity of the date of infection. PREVENTATIVE MEASURES After suffering the effects of a ransomware attack, you will likely be eager to put preventative measures in place to avoid another attack. If you have not yet experienced a ransomware virus, the following tips will be invaluable to you in minimizing your chances of becoming debilitated by any future infection and will put you in a stronger position to handle an attack should you be targeted again in the future: 1. Install a certified anti-virus and anti-malware software that automatically blocks known payloads from launching. 2. Comprehensively back up all important files to an external network on a daily or weekly basis. It is also a good idea to keep offline backups on an external hard drive. 3. Keep on top of installing security updates (i.e., install an update as soon as you are notified that it has become available). 4. Do not open email links or attachments from unfamiliar sources. 5. Segment your networks and turn off unnecessary network sharing connections. 6. Give all users the lowest permissions required to complete their work. 7. Restrict writing permissions on files as much as possible and use password protection on all sensitive information. 8. Educate your employees and other network users on the above practices and update them on any new scams they may encounter. CYBER LIABILITY COVERAGE In the event of an attack, having the right coverage is essential, whether you are a small business or a corporate franchise. A cyber liability insurance policy helps protect businesses financially from the effects of an attack. Policies vary with no set minimum criteria, so work closely with your agent to find the policy that’s best for your organization. Here are some basic coverage areas to consider: • Business interruption, in the event that damage to your computer systems leaves your company unable to function for some period of time • Credit monitoring services, which allow customers suffering data exposure to periodically check their credit status • Disaster recovery costs, which may include expenses for forensic accountants, attorneys, and advisors • Crisis management, which will help contain any bad publicity stemming from the breach • Social engineering fraud, which results from hackers manipulating trusted employees or vendors into disclosing sensitive information • Extortion, which includes threats by foreign entities that can only be satisfied with large cash payments + Wayne Nesbit is a producer at Nesbit Agencies and works with a wide variety of clients on their insurance programs, including assisted living facilities, property management companies, and restaurants. He can be reached at [email protected] or 952-746-4312 CONFIDENT COVERAGE CONFIDENT FUTURE At Grinnell Mutual, we protect your commercial property from unexpected losses with a specialized Businessowners policy and competitive pricing. Trust in Tomorrow. ® Learn more today. AUTO | HOME | FARM | BUSINESS grinnellmutual.com Trust in Tomorrow.” and “Grinnell Mutual” are registered trademarks of Grinnell Mutual Reinsurance Company. © Grinnell Mutual Reinsurance Company, 2020. 13