Technology and Life Sciences Companies Face Unique Ransomware Risks
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Tech and life science companies deliver more than technology.
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They deliver connections — human connections. They link us all to greater possibilities, understanding and ultimately, a better way of life.
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But ransomware turns those connections against us.
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It's a complex, constantly changing and costly challenge for the tech industry,
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threatening electronics manufacturers by exploiting neglected third party
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supply-side security architecture, and developers, by attacking vulnerabilities in outdated, unsupported software,
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greatly amplifying the impact of malware advancing network to network. Ransomware can even
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navigate past inconsistent cybersecurity practices, locking up important systems and capturing troves of sensitive information via software and hardware,
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risking litigation, income loss and unwanted publicity.
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That's why Travelers connects companies with skilled cyber professionals who understand the unique risks ransomware presents to technology and life science companies.
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Our coverage and services designed for the tech industry help manage ransomware risks both before an attack happens and afterwards.
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With Travelers, progress is empowered. Connections are kept.
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Connect with Travelers today and learn how Travelers Insurance solutions
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keeps us all connected to the promise of technology.
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Download the white paper at travelers.com/ransomware
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Ransomware presents a complex, constantly changing and costly challenge for technology and life sciences companies. Incidents are increasing rapidly, and according to the most recent Travelers Risk Index survey, over 50% of businesses worry about being a victim of cyber extortion/ransomware. There is no organization that is immune from this cybersecurity exposure, and the risks to technology and life sciences companies are especially treacherous. Here’s why:
- Ransomware campaigns against technology and life sciences companies can be quickly amplified because distribution of technology products and services is typically through digital networks where the risk can easily be cascaded to customers and other entities in the network.
- With highly connected and global operations, electronics manufacturers offer cybercriminals many potential routes for attack. Any part of a supplier’s security architecture can be vulnerable.
- Technology and life sciences companies typically have troves of valuable intellectual property and consumer data that they need to protect. Attackers assume they also have deep pockets to meet high ransom demands.
Cybercriminals know how to locate security vulnerabilities and will exploit them to their advantage. For example, a current trend is two-pronged. Attackers capture sensitive data and make two demands for ransom. The first demand gets the victim to pay in order to regain access to their own systems and the other is in exchange for a promise not to release personal data and intellectual property publicly.
Technology and life sciences companies deliver connections linking us to greater possibilities, understanding and, ultimately, a better way of life.
Ransomware's unique and escalating threats to technology companies
Learn about:
- The unique ransomware risks faced by technology and life sciences companies.
- How to protect your technology business from ransomware.
- Smart ways to gain an extra layer of ransomware protection.
- Why technology companies need cyber liability insurance and what to look for before purchasing this critical coverage.
Ransomware: An expensive threat to technology and life sciences businesses
It is becoming much harder for businesses to recover from ransomware attacks. A technology business caught unprepared to defend against ransomware can be crippled or even forced to close its doors. These attacks often have a significant and costly impact, including:
- The direct ransom cost.
- Fines and penalties.
- Loss of business income due to compromised production and sales systems.
- The potential theft of intellectual property and subsequent extortion.
- Brand damage following the ransomware event and related lawsuits.
Cyber insurance for technology companies
Travelers helps technology companies understand and manage cyber risks, including the risk of ransomware. With coverage and expertise for the technology industry, Travelers helps companies to prepare for the unique risks they face. CyberRisk Tech from Travelers offers a powerful modular approach to writing cyber insurance coverage that is broad enough – and flexible enough – to meet the complex needs of today's state-of-the-art technology and life sciences companies.
