According to a new report from the Cyber Risk Management (CyRiM) project, a global ransomware cyber-attack could cost $193 billion and affect more than 600,000 businesses worldwide.

The report explores a hypothetical scenario where companies’ are infected with malware via email on their devices which threatens to block or access files unless a ransom is paid upfront.

The report, ‘Bashe Attack: Global infection by contagious malware’, shows that the global economy is underprepared for an attack of this nature with 86% of the total economic costs uninsured, leaving an insurance gap on $166 billion.

In May 2017, a global cyber-attack hit the NHS, FedEx and infected more than 300,000 computers. Chief research officer at the Helsinki-base cybersecurity company F-Secure said the attack was “the biggest ransomware outbreak in history.”

It’s not just companies that can face cyber-attacks, police statistics show that more than £190,000 a day is lost in the UK by victims of cyber-crime. Action Fraud, ran by the City of London Police, said that £34.6 million was reported as stolen from victims between April and September 2018, compared to the previous six months that’s a 24% increase.

Some businesses are unaware that cybercrime is the largest threat facing them today, however, a secure cyber insurance policy can give businesses reassurance should they be subject to a cyber-attack.

At G&M International, our cyber insurance has been designed to protect businesses from risks relating to information technology infrastructure and activities. Our cyber insurance can include reimbursement of legal and regulatory costs, IT security costs, crisis communication costs, privacy breach management costs and post-breach mediation costs.

To find out more visit us at www.genmedinternational.com or call us on +44 (0) 207 977 1490 and a member of our friendly team will be able to discuss our cyber insurance with you.