Speculation surrounding access gained by hackers to databases containing confidential documents, programs, financial and other documents belonging to T-Mobile US and inviting competitors to bid for them, has brought the issue of hacking to the centre of the technology media spotlight once again in recent weeks.
Although this example is slightly out of the ordinary, in that a payment was not demanded from the company from which data was stolen, this is another example of a large organisation being held to ransom by hackers.
A further recent example of high-profile hacking, the mass attack known as “Beladen” (named after the domain used to release exploits which target vulnerabilities in web browsers) has been infecting end users who have viewed one of 40,000 reported websites operated by a number of government agencies and small businesses.
Regardless of whether these reports are accurate, they underline to businesses of any size the importance of obtaining adequate insurance to cover the risks of cyber crime.
Both examples illustrate how valuable crisis management and cyber extortion cover can be, particularly for those businesses which might not otherwise have access to expert advice on how to deal with this type of scenario (a feature of cover offered by some insurers) .