Many business leaders believe that because they have data backups, they are fully protected from the threat of ransomware. However, while it is certainly important for businesses to have proper data backup and recovery measures in place, relying solely on these measures to protect against a ransomware attack can provide a false sense of security. Ransomware attacks can be highly sophisticated and can result in the theft of sensitive data even if the business has backups in place. In addition, unless those backups are handled properly, they may also be lost in a ransomware attack. To effectively manage the risk of a ransomware attack, businesses need to take a holistic approach to cyber security that includes not only backups and recovery, but also robust prevention measures and a plan for responding to an attack.

North Bridge works with businesses to help them implement these measures and develop a plan for responding to a ransomware attack. By planning ahead, businesses can help to ensure that their data breach response is as swift, effective and inexpensive as possible, which can minimize the impact on their bottom line. In addition, North Bridge encourages businesses to obtain a cyber liability policy with a proper level of coverage and to maintain a reasonable level of compliance with their policy to avoid claim denial in the event of a ransomware attack.

It is also worth noting that the cost of breach notification for personal identifying information (PII) involved in a successful ransomware attack can be significant. According to a report from the Ponemon Institute, the average cost of a data breach for a small business is over $200 per record, and this cost can increase significantly if the breach involves PII. By working with a partner like North Bridge to manage their cyber risk, businesses can help to minimize the chances of a successful ransomware attack and reduce the potential cost of breach notification.

Cyber security is a complex field that requires a holistic approach to risk management. This includes not only technical solutions such as anti-virus software and firewalls, but also policies, procedures, and training to ensure that employees are aware of best practices for protecting sensitive data.

At North Bridge, we specialize in managing the overall risk profile of a business and helping to implement all of the necessary tools and measures to ensure that they are working together to provide the best possible protection. This includes conducting risk assessments, providing recommendations for improving security, and helping businesses maintain compliance with insurance policies and regulatory standards.

By partnering with North Bridge, business leaders can have peace of mind knowing that they have the support of a team of experts to help them navigate the complex landscape of cyber security and properly manage their risk.