The Rise of Ransomware, Third-Party Liability, and Supply-Chain Risks
“No matter what you do, no matter how much money you spend, there is always going to be an employee error.” – Jeromy Shrum
Our Managing Director Ellie Feldmen recently had the pleasure of speaking with Jeromy Shrum, Vice President of Underwriting and Product Manager for Cyber Liability at AXIS Insurance Company.
Their conversation covers many topics but the overriding theme is that the risks are getting bigger and more commonplace. With large portions of SMEs not backing up their data regularly or at all, one of the few defenses against ransomware becomes null. For businesses that aren’t adequately covered by cyber insurance, both the price tag to get their data back or the loss of business operations when trying to re-introduce backup data into their system can put them out of business.
Jeromy discusses how his company Axis Insurance, one of the four largest cyber insurance companies, have expanded and improved their coverage to meet the growing needs and concerns of an increasingly necessary part of a worldwide digital marketplace.