If the story of 2020 was the pandemic, the story of 2021, so far, is ransomware attacks. From the U.S. federal government to meat packer, JBS, and thousands of small businesses, higher educational institutions, and financial services organizations no sector of the economy has been left untouched by ransomware. The result of this 400 percent increase in ransomware attacks has been a rise in demand for cyber insurance and a rise in insurance rates.
Read on to learn more about recent ransomware attacks, cyber insurance, and strategies organizations can take to mitigate the impact of both the costs of an attack and buying insurance.
Kaseya Ransomware Attack Just the Latest in a Year of Tyranny
This week’s ransomware attack against Kaseya, an information technology company based in Florida, has been labeled the biggest attack in history, for now. The attackers broke into Kaseya’s systems, seized customer data, shutdown the operations of those customers, and demanded $70 million in ransom payments in order to restore normal operations.
“This hack was particularly egregious because the bad actors behind it had targeted the very systems typically used to protect customers from malicious software, said Doug Schmidt, a professor of computer science at Vanderbilt University.”
Read why Schmidt thinks this exploit using a trusted supply chain is just the start of a troubling new trend in ransomware attacks, here.
Cyber Insurance Industry Responds to Rise in Ransomware Attacks
With more cyber attacks affecting more organizations it’s driving change in the cyber insurance industry. According to an article published in Insurance Journal this week, what was once a profitable niche business line, is now teetering on the brink of profitability and changing it’s advice. “Fabian Wosar, chief technical officer of Emsisoft, a cybersecurity firm specializing in ransomware, said the prevailing attitude among insurers is no longer: Pay the criminals. It’s likely to be cheaper for all involved.”
Read what Wosar and other industry leaders think might be the impact of the latest ransomware attack on cyber insurers here.
In the Crosshairs? Here’s Some Advice
Today it’s not the case of if you’re in the crosshairs of a ransomware attack, all organizations are. From federal government agencies to meat packers, to K-12 schools, and even several thousand dental practices, no organization is immune from ransomware attacks. With the cyber insurance sector facing falling profitability and considering changing it’s guidance away from ‘pay the criminals’ what can organizations do to reduce the likelihood of attack and also improve their chances of getting cyber insurance?
This article from Government Technology Insider takes a look at both the technical and human vectors of ransomware attacks and offers guidance on how to address both sides of the equation. You can read the full article here.