Ransomeware
Trevor Weyland central authority , and is anonymous and difficult to track — which is what makes it attractive to criminals . Cyber and kidnap and ransom policies typically refer to making ransom payment in terms of money , cash , marketable goods , property or securities , but the base policy forms have not yet been updated to specifically refer to bitcoins or crypto-currencies .
Are Cyber or Kidnap and Ransom Policies the Correct Form to Insure this Risk ?
Coverage solutions can be found in both cyber and kidnap and ransom policies to address the cyber extortion threat presented by a ransomware demand .
Consider the following when making a decision as to which coverages to obtain insurance for this exposure :
1 . Which policy is better suited to meet the insured ’ s needs , particularly in terms of any exposure to bodily injury ?
2 . Which policy will provide a limit that is adequate for your risk ?
3 . What is covered under other insurance clauses , if more than once policy offers cyber extortion coverage ?
4 . Will the policy cover ransom paid in bitcoins ?
The kidnap & ransom policy can have a couple of distinct advantages over a cyber policy in that the retention is typically $ nil and there is immediate access to crisis management consultants through the policy ’ s 24 hour hotline . meet the author :
Trevor Weyland
Area Senior Vice President Arthur J . Gallagher & Co .
Trevor Weyland is an Area Senior Vice President in the Western Region specializing in executive and management liability issues with cyber expertise for Arthur J . Gallagher & Co .’ s Healthcare Practice . This practice focuses on providing insurance and risk management solutions to meet the unique needs of healthcare providers and facilities across the continuum of care .
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