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The Latest on Ransomware

Ransomware attacks have become a significant concern for businesses across industry lines. The latest research shows that ransomware attacks have increased by nearly 140% in the last year.  Of those attacks, healthcare, manufacturing, and public administration account for half of all the businesses affected.

Unlike phishing, a ransomware attack is caused when a cybercriminal deploys malicious software to compromise your devices, and then demands a large payment before restoring your devices back to where they were prior to the attack.

What you need to know about ransomware

When cyber criminals obtain access to your network, they can use that access to steal data or commit fraud. They can also launch a ransomware attack, which will encrypt your computer systems and data. The criminals then demand a ransom in return for a decryption key.

What businesses are at risk?

Businesses of every size and sector are at risk from ransomware. Cyber criminals do not generally discriminate in choosing their victims.

Can law enforcement assist ransomware victims?

The FBI recommends that businesses hit by ransomware contact law enforcement immediately to increase the odds of successfully apprehending the responsible parties. However, the FBI will likely be unable to assist businesses in recovering encrypted data, in part because modern ransomware uses encryption that cannot be easily bypassed.

How are ransom payments made?

Ransomware demands are usually made in a cryptocurrency such as Bitcoin. To pay a ransom, victims typically use a third-party vendor to assist with negotiations and to facilitate the payment.

Is insurance available for ransomware?

Yes. Coverage is available for ransomware, including payment of the ransom itself, costs of data restoration, lost income due to business interruption, and expenses relating to legal, digital forensics, and public relations services. Coverage is also available for “betterment,” which helps impacted businesses improve their controls after a ransomware attack.

Choosing the right insurance agent is one of the most important decisions you will make. The Turner Agency, Inc. is a local Trusted Choice® independent insurance agency headquartered in Greenville, South Carolina.  Serving the Upstate of South Carolina and beyond since 1962, we offer a variety of personal and business coverage choices and can customize an insurance plan to meet your specialized needs for your business, homes, automobiles, recreational vehicles, secondary homes, and more. 

The information in this article was obtained from various sources and is not all inclusive regarding the subject matter. This content is offered for educational purposes only.