As incredible as it may seem, people have been getting insurance for thousands of years. The Code of Hammurabi, written in 1755 B.C., is the first known legal text to describe the concept of insurance. Today, people and companies alike purchase insurance to protect themselves from financial loss. It’s a way to manage the risk that we experience in everyday life, such as auto insurance for car accidents or health insurance for when we get sick. Companies purchase insurance to manage the risk of running a business, like protection in the event of a fire with commercial property insurance or a workplace accident with workers’ compensation insurance. We use insurance to hedge against the risk of significant loss. These days, companies have been buying and exercising their cyber insurance policies for more than anyone would like or would have imagined.
Ransomware is a grave threat to any business. It’s an incredibly complicated problem that traditional IT defenses have been unable to stop, and a single strategy cannot fix it.