Search
 

CU Tech Hub

Best Practices

Third-Party Liability for Ransomware Attacks: Are You Covered?

When faced with a possible ransomware attack, organizations need to consider the unintended victims and the potential for liability.

By Oliver Sepulveda | December 03, 2020 at 05:15 PM
Oliver Sepulveda, associate with Shutts& Bowen in Miami. Courtesy photo Oliver Sepulveda, associate with Shutts& Bowen in Miami. Courtesy photo

The COVID-19 pandemic has caused a massive shift in the way organizations do business and the way their employees do their work, but, as is often the case, this shift has brought about an increase in cybersecurity risks, which should not be overlooked. Much of this increased risk comes from the rise of ransomware attacks.

According to one of the largest cyber insurance providers in North America, approximately 41% of cyber insurance claims in the first half of 2020 are attributed to ransomware attacks. While one can be forgiven for thinking that cybersecurity is only a concern for large corporations, that is far from the case.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.