International managing general agent platform Volante Global has announced the launch of a new cyber ransomware solution designed to combine ransomware cover with the latest in cyber security technology.
At the core of Cyber Lockout is a multi-layered cyber security solution called Trident Lockdown, provided by GBMS Tech, which is built to prevent malware, including those introduced through zero-day vulnerabilities, from executing in the customer’s computer systems.
As a condition of the insurance cover, companies are required to install Trident Lockdown on all of their devices.
The technology uses negligible system resources and is reported to work alongside existing security infrastructure and, unlike other systems, does not require continuous upgrades.
The insurance component of the proposition provides coverage in the event of a successful ransomware attack.
The ransomware-only policy covers the primary costs associated with such an event, including breach counsel costs, fees relating to computer forensic services, data restoration costs, ransomware payments, and business interruption-related losses, if applicable.
“Ransomware is one of the most prevalent forms of cyber-attack and we have seen that increases in ransomware attacks have led to restrictions in insurance cover and significant rate hikes, leaving some businesses struggling to find adequate cover,” said Commenting on the solution, Graeme King, Managing Director – Cyber, Volante Financial & Professional Lines.
“By combining malware and ransomware prevention technology with ransomware insurance cover, Cyber Lockout provides a highly effective solution that spans the full attack cycle, from blocking the attack to responding in the unlikely event of a system breach.”
Simon Simmons, Chief Operations Officer, GBMS Tech and GBMS USA, added, “The significant increase in ransomware-related attacks has exposed clear gaps in the cyber security practices of many organisations.
“Trident Lockdown locks down all the client’s endpoints including computers, servers and mobile devices with multi-layered security which is designed to stop any malware from executing. Through this solution, businesses have full control of the programs and applications authorised to run on their network, blocking all other applications and executables.”
