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The Future of Ransomware

In 2020 we saw a huge increase in technology use. The world became more digitally connected than ever before and with this increased use, came increased risk. One of these major risks is ransomware. Ransomware is a malicious software designed to block access to a computer system until a sum of money is paid. According to a report done by VMware, ransomware attacks were increased 90% in comparison to 2019. What does this mean moving forward?

Ransomware attacks have been around for a long time but in recent years they have become more frequent, easier to execute, and harder to detect. Ransomware has become so easy to commit, criminals who have a limited knowledge of technology can even buy “Ransomware Kits” and use them to launch attacks. In addition to this, attackers are using domain spoofing, which makes it appear as if the email or website is valid when in fact it is not.

We are also seeing an increase in attackers threatening to make their hijacked data public or to wipe out entire systems completely. These threats, if followed through, could turn the attack into a data breach or result in total loss of the data. Both of which would be very disastrous for your business.
Overall, these ransomware attacks are becoming more costly. While the cost of ransom payments has decreased, the cost of repairing the damages left behind have nearly doubled. So how do you protect yourself and what does this mean for you?

There are several steps you can take to protect yourself from ransomware attacks. These include:
  • Review the providers your technology comes from and confirm the level of security they use when it comes to your data.
  • Preform any recommended software updates on your technology and double check your settings are set to ensure protection.
  • Back up your data both on and off site on a regular schedule.
  • Install security tools and implement best practices with your staff to protect your devices and data.
  • Involve your whole team and train your staff how to spot cyber attacks and what they should do if they encounter one.
  • Discuss cyber liability insurance with your Agri-Services Agency agent.

In the last year we have learned that you can never predict the future, but the right insurance coverage can help ensure you are ready if the worst happens. Cyber attacks like ransomware can be costly and the clean up afterwards can be complicated. It is important to have the right cyber liability insurance coverage to protect your business. Give Agri-Services Agency a call today at 1-877-466-9089 to discuss your options and get protected today.