Data Breach Watch: A General Counsel's Guide To Preparing For And Managing A Ransomware Attack

Paying a ransom to access your computer files? Not as unusual as it sounds. The Department of Justice estimates that on average, more than 4,000 ransomware attacks occurred per day last year. And the problem is only getting worse. According to Beazley, a data breach response insurer, the number of ransomware attack claims the company received in 2016 was four times higher than 2015. This surge in ransomware attacks presents a serious, costly, and growing threat to businesses across all industries. Being educated on and prepared for such an attack is no longer an effort businesses can afford to sidestep.

What is Ransomware?

Ransomware, as its name suggests, is a type of malware that holds a computer or computer files "hostage" until a ransom is paid. Ransomware is often delivered through malicious links, websites, or attachments. Unbeknownst to users who click on these links, websites, or attachments, malicious ransomware code quickly and quietly infects their