Published: 14 November 2025
FOR INTERMEDIARIES ONLY
Ransomware: Don’t let cybercriminals hold your business hostage
Ransomware attacks are a growing concern in the insurance world, especially for brokers who handle lots of sensitive information. These attacks involve nasty software that locks you out of your own data until you pay a ransom. Let's dive into the risks and how you and your customers can steer clear of these digital headaches.
What are the risks?
- Data lockdown: imagine your important files suddenly being encrypted and inaccessible. Without backups, you could lose them for good.
- Costly business: paying a ransom is risky and doesn’t guarantee you’ll get your data back. Prevention is better than cure as the cost of getting your systems back up and running can be costly.
- Reputational damage: an attack can seriously damage trust, making customers and partners question your reliability.
- Business standstill: operations can stall and impact how you support your customers and manage relationships.
How to avoid ransomware
- Back it up: regularly back up your data and keep it safe offline. This lets you recover your files without paying a ransom.
- Stay cyber-savvy: train your team to spot suspicious activity and keep up good cybersecurity habits, like steering clear of unknown email attachments.
- Lock it down: use strong security tools like firewalls and antivirus software; keep them updated to block new threats.
- Control access: keep sensitive info on a need-to-know basis and use strong authentication to keep it safe.
- Have a plan: create a clear response plan to quickly sort out any ransomware incidents.
Risks to your customers
- Data drama: customers' personal and financial info getting leaked could mean privacy headaches and identity theft.
- Money woes: their data could be used for fraud, causing financial issues.
- Service troubles: ransomware can disrupt your services and affect the insurance coverage and claims you provide to customers.
How your customers can avoid ransomware
- Secure devices: they should use antivirus software and keep their gadgets updated with the latest security updates.
- Surf smart: stay clear of suspicious links and attachments from unknown sources.
- Password power: use strong passwords and change them often to protect online accounts.
- Extra security: use features like multi-factor authentication for extra protection.
- Stay in the know: send them ransomware prevention tips to keep them informed and alert.
Support for brokers
Matt Crabtree, Head of Financial Crime Intelligence and Investigation Strategy, Allianz UK, explains:
"Ransomware may pose a challenge, but with the right precautions, you and your customers can overcome it. By championing cybersecurity awareness, you not only safeguard your business but also strengthen the trust of your customers."
More information
We understand the importance of protecting our brokers and their customers against fraud. Discover our podcast, videos, articles and resources which contain advice on the different types of fraud, and how to spot and prevent scams. Read our fraud awareness page for brokers to help you and your customers stay safe.
