Deputy U.S. Attorney General Lisa Monaco, speaking on June 7, announces that the FBI has recovered most of the $4.4 million ransom that Colonial Pipeline paid to ransomware attackers last month Ransomware: A cyber-extortion tactic that uses malicious software to hold a user’s computer system hostage until a ransom is paid. Ransomware attackers usually demand ransom in Bitcoin currency ransomware - which could include disseminating disk encrypting extortion malware; scanning - attacking wide swathes of the Internet at random . Targeted cyber attacks. In a targeted attack, your organisation is singled out because the attacker has a specific interest in your business, or has been paid to target you. Ransomware’s sister threats are a different form of cybercrime called cyber blackmail or cyber extortion. Blackmail doesn’t necessarily involve sophisticated technology. But ransomware and cyber extortion typically do. While these two types of malware share common themes, they also differ in key respects. 1. Such cyber extortion threat is first received by an insured during the endorsement period; 2. You provide clear evidence that the cyber extortion expenses and cyber extortion monies directly resulted from the cyber extortion threat; and 3. You report the cyber extortion threat in writing to us or our authorized agent as soon as reasonably Facing Five Types of Ransomware and Cyber Extortion. With every passing day, ransomware operators and cyber extortion syndicates grow increasingly emboldened. Look no further than to the recent DarkSide ransomware attack that effectively took down Colonial Pipeline systems and its 5,500 miles of gas supply lines for close to a week Ransomware and Cyber Extortion. Generally speaking, a basic cyber insurance policy does not include coverage for ransomware or any other type of cyber extortion. Obtaining this type of coverage typically requires the purchase of a separate endorsement to the policy or a separate insuring agreement, often in the form of a kidnap and ransom policy. Leveraging MSSPs for Effective Remediation. MSSPs, armed with advanced tools, expertise, and round-the-clock vigilance, serve as powerful allies in the fight against cyber extortion. By outsourcing cybersecurity operations to MSSPs, organizations can focus on their core competencies while benefiting from a wealth of knowledge and experience. yzKPDgA.