![]() The ransom can be paid, order and assets/ information restored and all can continue – Right? “Oftentimes, cyber insurance makes matters worse because attackers now know that you have the means to payout the ransom and will target you because of that, this cycle then finances the next wave of ransomware.” If an organization has cyber insurance, then the organization is covered against losses stemming from cyber attacks. This new mode of remote and hybrid work invites more targeted attacks.Ĭyber insurance has become a “security plan” for businesses. In addition, employees are becoming more distributed geographically, adds Boyer, with more remote home-based work setups, where security controls are not as strong as within the organization. This coupled with rushed digital adoption and transformation of organizations, results in a larger attack surface ” continues Boyer. “But the accelerant is the ability to monetize ransomware through cryptocurrencies such as Bitcoin, which has made the task much easier for cyber criminals as ransom payments are harder to track. Five years ago we published an article titled The Rising Face of Cybercrime: Ransomware to draw attention to the problem, and we continue to see this type of threat increase,” starts Boyer. “First, let’s acknowledge that ransomware has been a threat for a long time. There are several reasons for this trend, suggests Bitsight’s CTO and co-founder Stephen Boyer, resulting in a “perfect storm” of cyber attacks. Not only has the frequency of ransomware attacks nearly doubled (93 percent) during 2021 compared to the year prior, according to a cybersecurity report published by Check Point, but the dollar amount that cybercriminals are extorting is also on the rise.ĭaily headlines confirm the massive disruptions caused by cyberattacks have affected government agencies, companies big and small, and even supply chains for essential goods such as gasoline, meat and medical supplies. Blog written by Marc Saltzman, Technology Journalist & Podcast Host of Tech It OutĪs we start a new calendar year-nearly 24 months since the global pandemic started-ransomware continues to be one of the most significant threats to organizations worldwide.
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