Cyber Extortion..What would you do if you were this victim Company?

Today, Times of India has reported a Cyber Extortion attack on the Managing Director of a Company in Hyderabad. Typically in such cases, the data of the Company is hacked and encrypted. The authorized persons who try to access would be confronted with a message to pay a ransom for getting the decryption password. In this particular case, the ransom amount demanded is $1000/-

Refer Article here

Let us pick up this case as a hypothetical case study by assuming that  this Company had obtained Cyber Crime Insurance.  We shall then discuss some of the possible developments.

I request readers to send their views on “If you are the MD who is the victim of the Hyderabad incident, and your company has a Cyber Insurance policy, what would you do now”.

(Of course if you donot have a Cyber Insurance, then you may take a different set of actions since you have no obligations.)

(…To Be continued..on cyberinsurance.org.in )

Naavi