A type of cyber attack that blocks access to a victim's data, website,
client services systems, or other critical resources. The ransomware is then
used to demand payment of monies in return for unblocking access to the
victim's resources.
Coverage for losses associated with ransomware is available within cyber and
privacy insurance policies under an insuring agreement most often termed
"cyber-extortion coverage." The items it covers include (1) monies to
pay ransom demands, (2) the cost of hiring experts to negotiate with hackers,
and (3) the cost of computer forensics experts who can determine how hackers
gained access to the insured's computer system and then make
recommendations on how to prevent future incursions.