Business interruption constitutes 75% of ransomware attack impacts
We designed a cyber offer for corporates, including manufacturers, retailers and other industrials, to concretely address their increasing exposure to ransomware attacks. Built from the same standard of data-driven excellence and using our proprietary cyber risk model, Descartes Insurance is proud to support brokers and their clients against ransomware driven cyber shutdown.
Ransomware attacks are on the rise according to Zscaler’s 2023 Ransomware report that observed a 37.75 percent increase in attacks between April 2022 and April 2023. Despite the rising threat and sophistication of ransomware attacks, 90% of mid-sized French companies report not having purchased cyber cover (according to AMRAE, report Lucy 2023). For companies operating in the manufacturing and construction sectors which have emerged as the most common targets, these attacks have far reaching implications for revenue loss as a result of business disruption.
Descartes’ Cyber Shutdown Solution was developed with and for corporates to specifically address the concrete pain points of these targeted firms. Interested in learning more?
The sharp rise in cyberattacks has prompted organizations to seek cybersecurity insurance as a means to mitigate their financial exposure. To qualify for cyber insurance and receive expert cyber support in the event of an attack, Descartes requests that companies align their cybersecurity practices with internationally recognized frameworks such as ISO 27001 and the guidelines set forth by the National Institute of Standards and Technology (NIST) as the top tier guidelines for improving the cyber posture and resiliency of organizations.
At a minimum, organizations interested in securing cyber insurance must adhere to the core principles outlined by NIST’s cybersecurity framework, which comprise the five key functions: Identify, Protect, Detect, Respond, and Recover.
1. Antivirus Software and Endpoint Detection Response (EDR)
All laptops and servers within your organization must be equipped with up-to-date Endpoint Detection Response (EDR).
2. Dedicated Cybersecurity Resources
Identify an individual or team responsible for monitoring, managing and responding to cyber threats.
3. Comprehensive Backup Policy
Implement a backup policy that provides concrete evidence of your ability to manage data safely, including offline backups.
4. Additional requirements
Descartes may apply supplementary requirements specific to a firm’s assessed level of exposure.