Ransomware is undeniably one of the major concerns for cyber insurers today. There has been a significant rise in both the frequency and severity of ransomware attacks. To overcome the ransomware attacks and safeguard customers' valuable data, Volante Global, an America-based multi-class and multi-territory international managing general agent (MGA) platform, recently announced a ransomware-only cyber solution called 'Cyber Lockout'.
Cyber Lockout will combine ransomware insurance cover with the latest cybersecurity technology. It is designed to reduce an organization's exposure to malware attacks that also include ransomware. It is built on a multi-layered cybersecurity solution called Trident Lockdown that prevents malware, including zero-day vulnerabilities. It offers ransomware-only insurance police that cover the costs of recovering from a ransomware attack.
The development of ransomware-only insurance will restore price stability. Insurers will have an option to remove data-breach policies with the standalone product. Volante Global has stated that the companies that purchase Cyber lockout must install Trident Lockdown on all of their devices. The technology will safeguard clients' computers, servers, and mobile devices with multi-layered security and protects them from ransomware attacks. The ransomware-only insurance policy that underpins Cyber Lockout covers the first-party losses associated with an attack, including breach counsel costs.