Ransomware attacks are escalating quickly

While cyber-incidents of any form are a rising concern for businesses, ransomware attacks are escalating at an alarming rate.

Ransomware is a type of malicious software, which typically invades a victim’s device through disguised downloads or email attachments, disables the device’s anti-malware software and lays dormant until activated by the cybercriminal who created it. With the use of encryption, threat actors extort money from victims, forcing them to pay a ransom in exchange for the decryption key.

The average cyber ransom payment is $84,116

Ransomware is a crime business model. Having realised organisations were ignoring their demands and restoring data from back-ups, threat actors realised they had to come up with a more lucrative solution.  Now they steal data before activating the ransomware, threatening to publicly release it if their demand is not paid within a certain timeframe. With commercially sensitive data at risk, the stakes are high, and organisations are paying the ransom to avoid the stigma and being sued, facing fines and the regulatory action that comes with a data breach.

However, criminals being criminals there are no guarantees that the data they have captured will not be released or sold on regardless. Reports show that 33% of UK organisations have lost customers after a data breach[2].

What steps can an organisation take to protect themselves?

1. Check the sender. Is it from a trusted contact? If you receive an email from a person or company you do not know, always exercise caution.
2. Avoid clicking on links in emails from untrusted sources, and never open email attachments in emails from senders you do not trust.
3. Be particularly cautious if the attachment asks you to enable macros. This is a common way ransomware is spread.
4. Be prepared. Have checks in place to monitor your network traffic so that unusual or suspicious activity can be detected.
5. Purchase cyber insurance for when the worst happens.

How will cyber insurance respond if you are a victim?

Unfortunately, there’s only so much an organisation can do in terms of implementing security measures. Mistakes are made, accidents happen.

Put yourself in a victim’s shoes – would you pay? Would you try to bargain with these criminals? Do you have access to a cryptocurrency account?

This is where insurance comes in. It provides you with instant access to a team of experts, experienced in negotiating with ransomware gangs, and forensics to investigate and verify what data, if any, has been compromised. Where required, you’ll be given legal advice surrounding a privacy breach and notification requirements to ensure you’re compliant with GDPR. You will also be covered for any financial loss you incur during the downtime while the team are working to get your business back up and running as quickly, and with as little business interference, as possible.

To get a quote today contact our cyber specialist, Catherine Aleppo, on 07388 943 928 or request a callback here.

[1] https://www.coveware.com/blog/2020/1/22/ransomware-costs-double-in-q4-as-ryuk-sodinokibi-proliferate

[2] https://www.csoonline.com/article/3440069/uk-cybersecurity-statistics-you-need-to-know.html