In this article, we will walk you through the basics of ransomware and what you need to do to protect your business.
To start, imagine for a moment that a ransomware attack is akin to getting a breakthrough infection of Covid-19. You’ve taken precautions, like getting vaccinated or wearing a mask, and yet out of the blue you’re hit with something that has the potential to do you harm.
Like Covid-19, ransomware is a prominent feature in the daily news, and sometimes, despite our best efforts, it can get us. Unlike Covid-19, ransomware does not attack human health but instead focuses on another very important thing: your money.
What is Ransomware?
First, let’s understand what ransomware is, and why it’s on the rise.
Ransomware is a type of malicious software designed to block access to a computer system until a sum of money is paid.
In recent years, ransomware incidents have become increasingly prevalent among private businesses, nonprofits, critical infrastructure organizations, and state, local and government entities. Businesses of all sizes have become targets of ransomware, as it can infect not only personal computers, but also entire networks and servers.
The world saw an alarming 105% surge in ransomware cyberattacks in 2021. The increase is believed to be linked to the rise in remote work and company employees working outside their office networks.
Ransomware incidents can severely impact business processes and leave organizations without the data they need to operate and deliver mission-critical services. The monetary value of ransom demands has also increased, with some demands exceeding $1 million.
Throughout the initial disruption and, at times, extended recovery, the economic and reputational impacts of ransomware incidents have also proven challenging for organizations large and small.
How to Protect Your Business
The best method of protecting your business is a mix of mitigating strategies layered on top of one another.
It is very important to take ransomware seriously, and familiarize yourself with best practices in protection. Ransomware is not going anywhere in the near future, and may in fact, get worse. Call Chalmers Insurance today to learn more about your coverage options.