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Paul Gooch, enterprise risk underwriter at Tokio Marine Kiln, comments on the ‘Petya’ cyber ransomware attack:
“This second major international ransomware attack in as many months highlights two things clearly: large-scale attacks of this nature are something that everyone can be affected by, but many businesses remain unprepared and under-protected against them.
“Up until now cyber insurance has typically focused on breach response, notification and liability costs incurred by companies holding high volumes of sensitive data, such as healthcare providers, financial institutions and retailers. What we have seen in the recent WannaCry and Petya outbreaks, however, is the crippling disruption that can be inflicted by ransomware across all industry sectors. Even large-scale, blue chip, globally recognised brands are not immune. The costs of such incidents are not limited to the paying of ransom; decrypting files or restoring from back-ups takes time, consumes valuable resources and can destroy hard-won reputations.
“No business can ever be impenetrable from a breach or determined hackers, but defences against this sort of indiscriminate, self-replicating ransomware attack can be vastly improved through relatively straightforward procedures. Businesses need to engage with their insurers, brokers, and other risk management specialists to ensure that their risk management procedures and cyber security protocols are kept up-to-date in the face of this developing threat, with a particular focus on patching, back-up and business continuity planning which helps reduce the impact of such events and prevent subsequent reputational damage.”
Paul Gooch is available for interviews.
About Paul Gooch:
Paul Gooch is a Cyber Underwriter in the Enterprise Risk division of Tokio Marine Kiln (TMK). He joined TMK in 2009 before joining the commercial property team as an underwriter 2011 where he focused on heavy industry, manufacturing and logistics risks. In 2016 he moved to the Cyber team and specialises in Business Interruption following cyber events. Paul graduated from University College London in 2008 with an Honors degree in Political Science where he focused on US-Europe-Russia relations.
About TMK’s Cyber cover:
TMK’s Cyber policy includes comprehensive business interruption cover for the loss of profit, extra expense costs and reputational harm suffered by an insured not only as a result of an incident affecting their own systems, but also for incidents affecting the systems of their outsource service providers.