Safeguarding Cyber: Protecting Against Ransomware Attacks

If the sneak attack that got through your IT defenses was ransomware, the damage is done. Your files are encrypted, unusable. That’s why it makes sense to supplement antivirus software with a program focused solely on ransomware.

Depending on the nature of the business, every hour of lost productivity might cost thousands of dollars, or even more. Fortunately, while ransomware attacks are on the rise, so are techniques for fighting them.

As described by PC magazine*: “The premise of ransomware is simple. The attacker finds a way to take something of yours, and demands payment for its return. Encrypting ransomware, the most common type, takes away access to your important documents by replacing them with encrypted copies. Pay the ransom and you get the key to decrypt those documents (you hope).”

The article continues: “If you’re hit by a ransomware attack, you won’t know it at first. It doesn’t show the usual signs that you’ve got malware.  Encrypting ransomware works in the background, aiming to complete its nasty mission before you notice its presence. Once finished with the job, it gets in your face, displaying instructions for how to pay the ransom and get your files back.”

Cybersecurity insurance supplements specific ransomware software protection packages, helping to cover losses in time, productivity, and sales in the aftermath of an online attack.  No business is safe, regardless of location, industry segment, size, or level of sophistication.  It only makes good business sense to recognize ransomware for the danger it is and to make the appropriate steps to protect your company and your employees.

The professionals at The Reschini Group can help your organization understand the risks of ransomware and how best to protect your organization.  Contact us to talk more about this important consideration.

 

* https://www.pcmag.com/roundup/353231/the-best-ransomware-protection


Copyright 2019 The Reschini Group

The Reschini Group provides these updates for information only, and does not provide legal advice. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.

Sharing the Load: Utilizing Alternative Risk Financing

You’re sitting comfortably in your theater seat as the lights go down and the feature begins.  Flickering up on the big screen you see the name of the Hollywood studio that made the movie.  Then another studio’s logo appears, and another, and sometimes a fourth.

Why did it require so many studios to produce one motion picture, you start to wonder?

The fact is, it didn’t.  But it helped to spread the financial risk by having multiple studios involved.  If the film failed, the losses can be shared.  Positive returns can be split, as well.  But the prudent business always tries to minimize its risk.

The insurance industry is built on the idea of managing risk.  Business clients purchase traditional policies to protect in case of damage or loss.  Premiums are priced based on information and projections concerning the likelihood of those events occurring.

But what happens when the business client carries a higher level of risk, due to size, scope, multiple locations, or other factors?

That is when alternative risk financing – a different option to the standard insurance program – can become attractive.  Through alternative risk financing, very large companies with very large deductibles put up collateral against risk and associated losses, to spread that risk out.  By reducing the risk covered by the standard insurance policy, these large companies in effect begin to manage a portion of their own risk.

This is a growing segment that is becoming more and more attractive to large clients.  Alternative risk financing programs may generate less in commission for the traditional insurer, but clients remain connected to their insurance providers because not all risk is shifted to the alternative option.  Alternative risk financing – and the shifting of some risk internally – keeps large clients adequately insured while potentially reducing their premium costs.

The professionals at The Reschini Group can help your organization understand alternative risk financing and whether it could become a viable option for your organization.   Contact us to talk more about this important consideration or read more about Alternative Financing options and download our risk resource.


Copyright 2019 The Reschini Group

The Reschini Group provides these updates for information only, and does not provide legal advice. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.

Remote Control: Telemedicine Offers Wider Care Options

You can call up a quote from Shakespeare in seconds, send a message to the other side of the globe immediately, and even buy a car, all from your smartphone, laptop, or tablet.  So why not get checked by a physician?  Why not, indeed.

Such is the attraction of telemedicine – the practice of health care from a remote location, which is on the rise and has proven to be quite effective as an attractive option for many health care providers and their patients.

Using live video transmission, typically through an online app designated by the provider, doctors and patients can see each other and talk in real time about any health care concerns or questions – all without needing to be in the same exam room together.  Although telemedicine is not a complete replacement for direct patient care, it can be a useful tool for a variety of medical services, such as evaluation, diagnosis, and prescribing treatment.

Patients benefit from staying in the comfort of their own homes, oftentimes with a caregiver taking part in the telemedicine session to provide additional information and follow-up care.  The potential spread of germs and infection in clinics and hospitals is minimized.  Those patients living in rural areas, or who have difficulty arranging transportation, can access quality medical care in a much more convenient manner.  And those patients recovering from surgery or severe illness can be readily monitored through telemedicine visits.

For many patients, obtaining medical care represents a significant cost in time, resources, and money.  Telemedicine helps lower those barriers, while helping to enhance the value of regular visits with the doctor.  As access to electronic medical records expands, physicians can combine this technology with telemedicine to bring patients even higher quality care.

Check with your benefits provider to see how telemedicine fits into your medical coverage, potentially lowering costs while improving the doctor-patient relationship.  The Benefits team at The Reschini Group can help in this regard.


Copyright 2019 The Reschini Group

The Reschini Group provides these updates for information only, and does not provide legal advice. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.