Pay or Don’t Pay?
This will be the first thing that comes into your mind when your office is faced with a Cyber Extortion.
If you do not pay the ransom, your company’s confidential data will be disclosed publicly or you may lose your important data forever.
If you do pay, there may be a chance the deal will not be honoured by the hacker.
And there may be a chance you cannot afford that huge sum immediately.
Such cyber risk, along with Phishing Email Scams, is one of the most common risks faced by Singapore companies both big & small.
Phishing email scams are from hackers appearing as legitimate supplier asking for payment or as banks asking for your credentials for bank transfers.
Early procurement of cyber insurance can help to compensate financial losses from such scams and your insurance can also act as a trusted advisor on how to negotiate the payment during a cyber extortion.
Time to beef up on your cyber defence!
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