Ransomware attacks are becoming far more frequent. As attackers continue to augment ransom demands to victim capacity, victims in more developed economies face higher bribes. Ransom averages imposed on victims in the U.S., Canada, the U.K., Germany, and Australia are 26% higher than the global average at $214,096 – and the journey to ransomware recovery appears just as troublesome.
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Ransomware Attacks Are Becoming Troublesome
More and more cyber security insurance claims are being denied. 41% of cyber-insurance claims were attributed to ransomware attacks in the first half of 2020. Insurers have begun implementing limits or stopped covering ransomware altogether as attacks grow in prevalence. Currently, 73% of insurers are rejecting more applications for cyber coverage in the United States. Additionally, insurers have started to decrease coverage for high-risk sectors, audit applicants’ security when they apply, reduce total coverage limits, and cap ransom payouts, diluting the efficacy of claims.
Ransomware attacks are becoming increasingly multifaceted. The 2016 WannaCry attack is the common understanding of what ransomware attacks entail. Now, ransomware attacks strike more facets of an organization, often unfolding in conjunction with network penetration, credential harvesting, double extortion, and attacking backups. In addition to all of these more commonly known attack tactics, however, are attacks at the software level.
The most recent zero-day attack compromised both the software and the software’s clients and was unleashed on an IT management software for MSPs and IT teams called Kaseya. ‘Zero-day’ describes a computer-software vulnerability unknown to those who should be interested in its alleviation, including the vendor of the target software. The single attack affected up to 1,500 businesses.
The importance of safeguarding your business from ransomware attacks is increasing as rapidly as ransomware attacks. It’s becoming apparent that securing your business is only the start, as seen with attacks like the one on Kaseya - you must also protect your infrastructure as a client, from the software that stores your coveted data.
Many victims pay the ransom demand and never report that a breach occurred, making the true extent of ransomware unknown. But, from what we do know, ransomware attacks multiplied 7x or more in 2020 alone, it’s projected that 75% of IT organizations are will experience at least 1 ransomware attack by 2025, business operation disruptions caused by ransomware attacks can cost up to 23x more than the ransom itself, and the current annual accrued cost of ransomware attacks is upward of $20 billion.
Safeguard your business from ransomware and shield against cyberattacks to avoid the detrimental consequences that too many victims face.
Infographic source: CyberSecurityDegrees