Coalition, Inc.’s Post

Got a cool USD$22m to spare? or maybe you want USD$10m to add to your coffers? Either way this ransomware soap opera could be for you - highlighted elsewhere as "...the most significant and consequential incident of its kind against the U.S. health care system in history." Rick Pollack, president and CEO of the American Hospital Association. If you’ve got the cash then you could pay the ransom, only for it to evaporate into thin air along with the ransomware gang ALPHV (also known as BlackCat). While if you’re looking to add rather than subtract; let the U.S. Department of State know the whereabouts of the gang and you could be in the money. To pay or not to pay a ransom is a very difficult and complex decision for most organisations and never taken lightly. With other gangs involved these complexities multiply. While the organisation and customers lose out and the only positives are how we can learn and improve as an industry. #cybersecurity #ransomware #ransomwarepayments #cybergangs #dataloss #dataprotection #medicalrecords #healthcare https://lnkd.in/g5bUU3Kc

The cost of ransomware attack is not just the ransom. UnitedHealth and its subsidiaries attack is a very good example. They allegedly paid a $22 million ransom…and then announce the following in their earnings call: « […] Of the $870 million, about $595 million were direct costs due to the clearinghouse platform restoration and other response efforts, including medical expenses directly relating to the temporary suspension of some care management activities. For the full year, we estimate these direct costs at $1 billion to $1.15 billion. […]» and that’s not even mentioning additional cost like loss revenue and other. knowing that the data exfiltrated is still in the hands of the threat groups and being leaked online. So there is potentially more to come. The holistic and far reaching impact of the situation has to be taken into consideration when doing scenario planning and the compounding effect can not be neglected. #ransomware #cybersecurity #impact #resiliency #cyber https://lnkd.in/d7mbBF-N

Why is cyber insurance so important? Here are some of the big boys and the cyber attacks that they have incurred: https://lnkd.in/geGcG-yP #cyberinsurance #preotection #cyberbreach

If you're only going to remember one thing when trying to ensure your full cyber claim is covered when an incident arises, keep in mind the Golden Rule of Cyber Insurance: "We'll get you back to where you were before the incident." ❌ We've been meaning to move to M365 for years, let's just do it now! ❌ Ok, ok, we'll implement MFA. ❌ Out of an abundance of caution, let's just replace all the laptops. ❌ Let's purchase a new duplicate IT environment that will be completely clean Unlike the last two, M365 and MFA are actually great ideas, and something you may end up deciding to implement as part of your recovery. Just don't expect them to be covered as part of your claim to avoid unintended consequences. #cyberinsurance #incidentresponse #ransomware

REALITY CHECK: Did you know the average cost of a data breach for small businesses exceeds $100k? 😱 The financial repercussions go beyond direct losses and can include expenses for lost productivity, patient notifications, and legal settlements, easily surpassing six figures. Even worse, patients may lose confidence and leave. Investing in cyber insurance isn't just an expense; it's a safeguard against potential financial ruin in the event of a cyber incident. 💻🔒 https://lnkd.in/ghSPNPUH #CyberInsurance #Cybersecurity #ProtectYourPractice #CDSPICyberInsurance

“On the third day of Christmas, I finally realised… I need cyber insurance! 🎄 Here are three reasons to consider it: 1️ Covers costs of data breaches. 2️ Protects your reputation. 3️ Safeguards against financial loss. Cyber incidents are on the rise – is your business covered? #CyberInsurance #CyberRisk #12DaysOfChristmasTech”

Ransomware still doing the rounds, and certainly not going anywhere anytime soon. And as this article opines, cyber crims are agnostic to the type of organisation they target ($$$ is all that counts) and will quite happily focus on SME's, where they believe the likelihood of solid defences and an existing cyber insurance policy is low. https://lnkd.in/gSWZCGit

I spent the week in Chicago speaking to healthcare executives about the threats of ransomware and data theft. While they agreed its the number 1 or 2 priority for their industry, it also seemed to be the least funded of their items. I broke down the logic : 1. Average tenure of CIO / CISO is now roughly 24 months. 2. If you get ransomware/data loss, your cyber insurance foots the bill. 3. If you pay for preventative measures to avoid this, you may get into hot water for not controlling IT costs. 4. So you save the money, hope you don't get hit, and move on after 2 years and it becomes the next guys problem. Are we beginning to see why the bad guys are winning?? If we don't address these problems now, the federal government will step in and regulate you into oblivion. #therearebettersolutions

Discover how our digital infrastructure must become more robust against successful attacks with Cohesity’s Mark Molyneux in this TechNative article! #cyberresilience #ransomware

Intrusion is a better solution than allowing your network to become compromised.