In 2015, victims paid upwards of $24 million to ransomware criminals. This year, ransomware is on pace to be a $1 billion criminal industry, demonstrating a 40-fold increase in just one year.
Unfortunately, many cyber insurance policies do not offer adequate coverage for ransomware or other evolving perils.
Burns & Wilcox now offers an exclusive Cyber Program through an A-rated carrier designed to protect businesses from today’s ever-changing cyber risks, including ransomware, with coverage options that are unique among today’s insurance market.
“One feature that sets this program apart is full limits for social engineering losses resulting from unauthorized access,” said David Derigiotis, Corporate Vice President and Director, Professional Liability Center of Excellence, Burns & Wilcox. “CEO phishing is one type of social engineering loss that has become a rapidly growing issue for businesses, making it imperative that organizations acquire the right protection. In this type of scam, an attacker sends a fraudulent message from an organization’s leadership tricking employees into sending funds to the attacker.”
The FBI recently warned about a sudden increase in CEO phishing fraud, estimating these scams have cost organizations more than $2.3 billion in losses over the past three years. The number of victims and exposed losses from CEO scams has skyrocketed demonstrating a 270 percent growth since January 2015.
Due to emerging and potentially disastrous cyber risks, modern protection is more of a necessity now than ever before. Even businesses with cyber coverage may have unknown coverage gaps that can result in immense financial losses. This exclusive Cyber Program enables brokers and agents to offer their clients unparalleled coverage that safeguards against today’s most threatening cyber exposures.