New ransomware cover announced

Managing general agent Volante Global has announced the launch of a cyber ransomware solution, Cyber Lockout, that combines ransomware insurance cover with the latest in cyber security technology.

Cyber Lockout is designed specifically to greatly reduce an organisation’s exposure to malware attacks, including ransomware. At the core of the proposition is a multi-layered cyber security solution, Trident Lockdown, provided by GBMS Tech, which is built to prevent malware, including those introduced through zero-day vulnerabilities, from executing in the customer’s computer systems. In addition, it offers a ransomware-only insurance policy providing cover for the costs of recovering from a ransomware attack.

Commenting on the solution, Graeme King, managing director – Cyber, Volante Financial & Professional Lines, said: “Ransomware is one of the most prevalent forms of cyber-attack and we have seen that increases in ransomware attacks have led to restrictions in insurance cover and significant rate hikes, leaving some businesses struggling to find adequate cover. By combining malware and ransomware prevention technology with ransomware insurance cover, Cyber Lockout provides a highly effective solution that spans the full attack cycle, from blocking the attack to responding in the unlikely event of a system breach.”

As a condition of the insurance cover, companies are required to install Trident Lockdown on all of their devices. The technology, which uses negligible system resources, works alongside existing security infrastructure and, unlike other systems, does not require continuous upgrades.

The insurance component of the Cyber Lockout proposition provides coverage in the event of a successful ransomware attack. The ransomware-only policy covers the primary costs associated with such an event, including breach counsel costs, fees relating to computer forensic services, data restoration costs, ransomware payments, and business interruption-related losses, if applicable.