As of 2023, people around the world are getting more familiar with the term Ransomware. The textbook definition of this term is “a type of malicious software designed to block access to a computer system until a sum of money is paid”.
Ransomware attacks first began in the 1980’s, when compromised discs were handed out at a conference for the World Health Organization for AIDS. All of the attendees that received the disc and entered it into their computer quickly found out that all of their information was compromised. Fortunately, this attack was shut down fairly easily due to technology that works with file decryption.
Let’s move forward a few years to the mid 90’s. The attack at the World Health Organization was the only significant attack that the world has seen. Due to the fast shift of technology evolving, experts started to warn that the uptick of cyber and ransomware attacks is in the near future.
About 10 years have passed, and ransomware attacks have started to pick up around the world. Many of the attacks are happening in Russia and Europe. Although the number of cyber crimes have risen, due to the nature of the attacks, they were easily shut down, due to the development of antivirus software.
Unfortunately, this is when the scammers begin to introduce new forms of cyber attacks to the world. In the mid to late 00’s, phishing scams became more active. The definition of phishing is “the fraudulent practice of sending emails or other messages purporting to be from reputable companies in order to induce individuals to reveal personal information”.
Phishing attacks can happen in many different forms. One of the most common types of a phishing attack is email phishing. The attackers will pose as a reputable company, or even a person within a company, in hopes that you will provide them with personal information like banking info, social security number, and more.
Nowadays, the top three most common cyber threats we see are ransomware, phishing attacks, and malware attacks. In the past few years, we’ve heard of major attacks like the Colonial Pipeline, JBS Foods, and many more. Most recently, the company Burton Snowboards was hacked in February 2023. They have not been able to fulfill online orders since the breach.
Ransomware Statistics & Trends
In 2022, there was a massive uptick in ransomware cases. Since 2020, ransomware crimes have increased by 78%. Even worse, 66% of organizations in 2021 were affected by some type of ransomware breach. With hackers finding new ways to breach systems, these numbers are expected to continue to rise.
If and when these numbers increase, this may leave many businesses - large or small - in a vulnerable situation, especially if they do not have a cyber liability policy in place.
How Can I Protect My Business From Ransomware or a Cyber Attack?
If you are concerned about any form of cyber attack for your business, the first step is making sure you have a cyber liability policy in place. A cyber liability policy will provide you with protection if you experience a cyber breach. Read about how a cyber liability policy helped one of our clients save $150,000 here. Without the policy in place, the company would have had to pay out of pocket.
If you aren’t quite ready to commit to a Cyber Liability policy, you can also follow this Ransomware Survival Guide. This guide discusses attacker techniques, frequently targeted industries, technical and operational procedures, and how to navigate ransomware demands.
If you would like to get more information on cyber attacks, or cyber liability for your business, please fill out the form below. One of our agents will reach out to you shortly. You can also call us at (303) 279-9700.