Instances of ransomware have exploded in the past five years. In 2020 alone, it is estimated that the total cost to Canadian organizations in paid ransoms and lost productivity was US$4 billion.
Organizations that send employees to destinations with a high risk of kidnapping should seriously contemplate kidnap and ransom (K&R) insurance. K&R insurance protects individuals and corporations, typically covering kidnapping, extortion, wrongful detention and hijacking. K&R policies may also indemnify personal accident losses caused by kidnapping, and will generally cover the fees and expenses of crisis management consultants.