What To Do If Ransomware Hits Your Business
Hit by ransomware? Here’s what to do immediately
Upfort co-founder and managing director Josh Riley was a guest on a recent episode of Nasdaq’s Trade Talks to discuss cybersecurity risk management, mitigation, response, and insurance. He emphasized the pressing needs of small-to-medium businesses (SMBs), noting, “Cybersecurity solutions have evolved separately from the SME market because it just hasn’t been an accessible or attractive market for providers.” Riley likened current cybersecurity adoption for SMBs to the “seat belt” era, stressing, “We just need businesses to do something rather than nothing in this area.”
“Cyber risk is business risk. As our operations shift online, we must weigh the importance of networked presence in top-line discussions.”
Riley also discussed the transformative role of cyber risk in business operations, stating, “Cyber risk is business risk. As our operations shift online, we must weigh the importance of networked presence in top-line discussions.” He highlighted the growing role of insurance companies in providing tools and strategies to mitigate risks, describing a “win-win incentive” to align services that improve both client outcomes and loss ratios.
On the challenges of cyber underwriting, Riley called for adaptable systems, stating, “The bar is rising for insurance companies to deliver fast, functional, and rigorous underwriting. It’s the new standard to participate in this space.” He underscored the need for collaboration, observing that Chief Information Security Officers (CISOs) are increasingly integral to leadership, reflecting the broad impact of cybersecurity on modern enterprises.