Preparing for a Ransomware Attack

Ransomware is one of the rising scourges of the business world, with approximately 50% of U.S. companies reporting being hit with a ransomware attack in the past year, according to a recent study. According to the FBI, a 2016 ransomware type that uses unbreakable key-based cryptography compromised an estimated 100,000 computers a day. New ransomware variants are appearing constantly, and companies need to prepare for the possibility of being victimized by this particular type of cyber-attack. The FBI, as well as other security professionals, has recommended a widely accepted, multifaceted preparation strategy—which includes having key insurance coverage in place—that reduces risks and decreases recovery time. Please click here to read an overview of this strategy that appeared in Law360, authored by Orrick’s Darren Teshima and Aravind Swaminathan.