Insurance broker Arthur J. Gallagher & Co. and its claims unit, Gallagher Bassett, reported that a ransomware incident that happened on Saturday, Sept. 26 limited some of its internal systems.
In a filing with the Securities and Exchange Commission (SEC), the company said it took all of its global systems offline as a precautionary measure, initiated response protocols, launched an investigation, engaged external cybersecurity professionals, and implemented its business continuity plans to minimize disruption to its customers.
On Monday, the Illinois-based global insurance broker reported it had restarted or was in the process of restarting most of its business systems.
As of Tuesday noon (EDT), Gallagher Basset still had a notice on its website that it was experiencing a system outage and is “working diligently to restore all functionality.”
On Monday, Gallagher said that based on the current information, it did not expect the incident to have a material impact on its business, operations or financial condition.
Ransomware attacks grew by nearly 50 percent in the 2020 second quarter compared to the first three months of the year, according to a recent report by cyber insurance and security firm Coalition. Larger organizations in Coalition’s sample, with revenues of $100 million to $250 million, were five times as likely to experience claims as small organizations, with revenues under $10 million.
Coalition said the growth in the attacks underscores the risks created by pandemic-related work-from-home requirements.
*This story ran previously in our sister publication Insurance Journal.