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Ransomware is on the Rise Due to the Pandemic

ransomware is on the rise

Cybersecurity risks are a top concern for many businesses. Specifically, ransomware attacks are on the rise due to the pandemic and companies moving completely to working from home. Here’s a deeper dive into a few of the reasons why and how you can take precautions to protect your business. 

What is Ransomware? 

Ransomware is a type of malware that locks your computer or device until a sum of money is paid to unlock it. 

How Does it Happen? 

Similar to malware, ransomware occurs after downloading infected software, clicking links, or opening an email attachment.

For the first half of 2020, we saw a spike in cyberattacks amongst consumer businesses (retail, hospitality, and food), healthcare, and financial services, according to a recent cyber insurance report from Coalition.

“Overall, ransomware (41 percent), funds transfer loss (27 percent), and business email compromise incidents (19 percent) were the most frequent types of loss—accounting for 87 percent of reported incidents and 84 percent of claims paid in the first half of 2020.” (iii.org)

Hackers have become more sophisticated, and the world has become more digital. Here are a few ways that you can take precautions to protect your business: 

• Change your passwords often and make sure they are strong   

• Utilize two-step authentication 

• Keep your security systems updated 

• Educate your employees on best cybersecurity practices 

• Watch out for phishing scams (never open an unknown email or link) 

• Click here for more ways to improve your cybersecurity 

Need help with cyber liability coverage, or have additional questions? We can help with your cyber liability coverage needs. Get in touch with us here or call us at 770-769-2988.