Ransomware insurance promises financial rescue in the event of cyber extortion. But the real protection lies in a well-thought-out backup concept. Only those who carefully back up their data can quickly get production back up and running in an emergency – even without paying a ransom.
Cyber policies such as ransomware insurance not only offer companies financial compensation in the event of damage. “The policies also cover the costs of crisis management, forensic analysis and reputation management,” explains IT security expert Dirk Bongardt. In some cases, they even reimburse the ransom demanded by the blackmailers. But Bongardt warns: “However, paying a ransom does not always guarantee that the encrypted data will actually be released.”
Back-ups prevent the worst
According to Bongardt, the best protection against weeks-long business interruptions is carefully planned data backups. “A backup always includes planning and preparing for restarting and restoring the data,” says the expert. To avoid unpleasant surprises, companies should regularly test their backup and recovery processes. This is the only way to identify and resolve potential complications at an early stage.
Preventive measures such as regular software updates, secure remote access and the separation of admin and user accounts can also effectively prevent ransomware attacks. If an attack does occur, quick action is required: infected systems must be isolated immediately, authorities informed and external experts called in.
Cyber insurance pays
The financial consequences of a ransomware attack can quickly run into the millions. Cyber insurance cushions the damage by covering recovery costs, business interruptions and possible liability claims. Whether a cyber policy is worthwhile always depends on the individual case. In any case, a well-thought-out data backup concept remains essential. You can read more details about the services provided by ransomware insurance in the full article in the MittelstandsWiki.
