Podcast

Risk in Context Podcast: The Evolving Threat of Ransomware

In this episode of Marsh’s Risk in Context podcast, Tim Marlin, Susan Young, and Stephen Viña of Marsh’s Cyber Practice talk about how ransomware attacks are changing, what businesses must consider in making decisions about ransom demands, and some of the steps they can take to mitigate their risk.

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Ransomware attacks are growing more frequent, severe, and sophisticated. With businesses of all type at risk, it’s imperative for risk professionals and others to be ready.

In this episode of Marsh’s Risk in Context podcast, Tim Marlin, Susan Young, and Stephen Viña of Marsh’s Cyber Practice talk about how ransomware attacks are changing, what businesses must consider in making decisions about ransom demands, and some of the steps they can take to mitigate their risk.

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Key takeaways

The frequency and severity of ransomware attacks and claims involving companies of all types is growing.

In addition to locking up companies’ technology systems, attackers are increasingly threatening to release sensitive corporate data to the public of ransoms are not paid.

Attackers are frequently targeting companies with poor cyber hygiene.

In addition to being at greater risk for attacks, companies without strong cybersecurity controls are facing a difficult cyber insurance market.

Before an attack, it’s vital for organizations to have in place detailed, tested, and regularly updated cyber incident response plans.

Businesses should also understand the criteria they must consider if faced with a decision about whether to pay a ransom demand.

About our speakers

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Tim Marlin

North American Cyber Product Development Leader, Marsh

Tim Marlin is Marsh’s North American Cyber Product Development Leader. He is responsible for developing cyber insurance products, services, and analytics to meet client needs in response to emerging cyber threats. Tim also provides client advisory and placement services for cyber, technology E&O, and intellectual property risk for many of Marsh’s large and midsize clients.

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Susan Young

Managing Director, Cyber Practice, Marsh US

Susan Young is Marsh’s Cyber Sales and Growth Leader for the US and Canada. She specializes in cyber risk, media liability, and technology errors and omissions, and acts as a holistic cyber/E&O risk advisor for her clients, delivering broad, strategic thinking about her clients’ operations and operating environment.

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Stephen Viña

Senior Vice President, Cyber Practice, Marsh

Stephen Viña is a senior vice president in Marsh’s Cyber Practice. He helps clients assess and manage complex technology, cyber, and privacy risks, advising them on emerging risks and appropriate insurance solutions. Stephen also serves as a senior cyber claims advocate, helping Marsh clients respond to and recover from cyber incidents.

Please note that Marsh PB Co., Ltd and Marsh McLennan are not engaged by nor involved in any manner with Bonus Ranch and its promotion, and has not placed any insurance for nor insured any of its businesses or operations. Marsh as a licensed insurance broker will not request customers to make payment via non-standard methods, such as the transfer of money to any individual’s bank account.