By Marshall L. Miller and Adam Sowlati

Ransomware attacks render an organization’s Information Technology systems inoperable or its data inaccessible, unless and until a ransom is paid. According to the FBI, since 2016, an average of 4,000 ransomware attacks have occurred daily, causing over $1 billion in damages annually. And ransomware is reportedly (PDF: 281 KB) growing in sophistication and increasingly targeting organizations. For example, 23 municipalities in Texas were struck last week in a coordinated attack. Companies would be well served by engaging in advance ransomware preparation.

Before an attack, companies should consider prophylactic preparatory steps, such as implementing reliable processes that back up IT systems and critical data to reduce ransomware exposure, securing cyber liability insurance to cover costs associated with significant ransomware incidents, and implementing incident response plans that include effective elevation procedures and account for the unique challenges of a ransomware attack. Fostering pre-attack relationships with law enforcement can also pay dividends, providing swift access to resources, intelligence, and experience to assist investigation and remediation. Continue reading →