The rumors of ransomware’s demise have been greatly exaggerated. In 2018, studies showed a decline in the number of ransomware attacks, but new reports paint a different picture. A new report from McAfee shows a significant resurgence in ransomware, with attacks more than doubling in 2019. Not only that, but the cybercriminals perpetrating these attacks appear to have become more sophisticated, using new techniques and garnering larger payments from those infected.
McAfee is not the only company to notice an increase in ransomware activity. A recent report from Malwarebytes found that businesses detected 365% more ransomware attacks in the second quarter of 2019 than they did in that same quarter of 2018. Furthermore, insurance carriers Beazley, Chubb, and Sompo have all reported increases in ransomware related claims in 2019.
If your company is looking at how they can defend against ransomware attacks, there is a wealth of good advice out there. See this article by the cyber division of DHS and this article from Kaspersky Labs or this guide from PhoenixNAP along with a host of others readily available online.
However, no protection is foolproof. So make sure your company also has the right cyber insurance to cover this growing threat.
Berkley Re Solutions is pleased to share this material with its customers. Please note, however, that nothing in this document should be construed as legal advice or the provision of professional consulting services. This material is for general informational purposes only, and while reasonable care has been utilized in compiling this information, no warranty or representation is made as to accuracy or completeness.
