Ransomware attacks across the region are intensifying in both frequency and severity and it is prudent to take additional measures to protect your business.

With more people now working from home, cyber criminals are capitalizing on the opportunities presented by less secure online environments and targeting remote workers, particularly with COVID-19 related phishing emails.

The pandemic has seen the cost and frequency of ransomware attacks increase, with the average amount now demanded by cyber criminals rising significantly – ransom demands attributed to Maze, a particularly sophisticated strain of Windows ransomware, have risen by a factor of six since the start of the coronavirus.

Worryingly, cyber criminals are increasingly targeting governments and healthcare organizations, and as the downtime from ransomware now averages 16 days the impact and financial costs associated with remediation are growing exponentially.

Cyber criminals view ransomware as a lucrative business and are shifting the focus of their attacks from privacy breach to ransomware. This offers the potential for securing larger payments.

The COVID-19 environment has cultivated the perfect conditions for more successful ransomware attacks like phishing emails that leverage pandemic-related topics, and less secure remote cybersecurity environments. From a business perspective, the financial and operational severity of ransomware is also increasing and the size of ransom demands are growing, operational downtime is becoming longer, and remediation is now more complex.”

It would be prudent to take a comprehensive approach to cyber risk management. This should include an appropriate cyber defense with broad insurance coverage and well-rehearsed resiliency plans.

For more on cyber cover contact us Here