You may have seen the news this weekend. Criminal hackers have released a powerful strain of ransomware that spreads itself automatically across all computers in a network, causing a global epidemic. If you are not paying attention and accidentally open one of these phishing email attachments, you might infect not only your own workstation but immediately everyone else’s computer too. Here is a map of the infected:

Be very careful when you get a phishing email with an attachment. If there is a .zip file in the attachment, do not click on it but delete the whole email.

WannaCry is the name of this latest ransomware, a growing category of extremely heinous malware. Once it has activated on a machine, it encrypts the files on that machine so they are inaccessible. Then it instructs the owner to pay a ransom in Bitcoin in exchange for unlocking the files. This is the screen that will appear asking for payment to unlock your computer.

The best way to avoid becoming a victim is to have a your computers updated with the latest Microsoft system updates as well as avoid clicking on email attachments in phishing emails.

Here is a brief video that explains what happens on this outbreak: http://money.cnn.com/2017/05/13/technology/ransomware-attack-who-got-hurt/

PBI Group’s Cyber Liability insurance policy from ACE will provide protection against ransomware attacks like WannaCry,  which may include paying the ransom for you as well as providing coverage for business interruption and lost digital assets. Yet another good reason to secure a Cyber Liability policy as well as improve your agents’ cyber awareness.

* Every coverage situation is different, and the final outcome depends on the unique facts, law and insurance policy involved. The E&O policy contains reductions, limitations, exclusions and termination provisions that impact coverage for a specific event. Full details of the coverage are contained in the policy