Cyber Extortion.. How will Cyber Insurance parties look at it?
Today, Times of India has reported a Cyber Extortion attack on the Managing Director of a Company in Hyderabad. Typically in such cases, the data of the Company is hacked and encrypted. The authorized persons who try to access would be confronted with a message to pay a ransom for getting the decryption password. In this particular case, the ransom amount demanded is $1000/-
Let us pick up this case as a hypothetical case study by assuming that this Company had obtained Cyber Crime Insurance. We shall then discuss some of the possible developments.
I request readers to send their views on “If you are the MD who is the victim of the Hyderabad incident, and your company has a Cyber Insurance policy, what would you do now”
(…To Be continued)