Companies need to strengthen cyber controls to counter the ransomware pandemic
The AGCS report highlights the cyber threat trends driving the upsurge in ransomware incidents, similar to double and triadic gouging and force chain attacks Ransomware Pandemic.
Interruption and resumption of exertion are the main causes of financial losses for companies.
Numerous attacks could be avoided if companies tensed their cybersecurity and controls, frequently with simple measures.
During the Covid-19 crisis, another epidemic occurred in cyberspace: a digital caused by ransomware pandemic. Malware attacks that encrypt corporate data and systems and demand ransom payments for their release are on the rise around the world. The increasing frequency and severity of ransomware incidents are due to several factors: the growing number of different attack models such as “double” and “triple” extortion campaigns; a criminal business model around “ransomware as a service” and cryptocurrencies; the recent surge in ransom demands; and the rise of supply chain attacks. In a new report, the cyber insurer
(AGCS) analyzes the latest developments in ransomware risk and describes how companies can strengthen their defenses through good cyber hygiene and IT security practices.
The number of ransomware attacks may even increase before the situation improves
The number of ransomware attacks may even increase before the situation improves, ”says Scott Sayce, Global Head of Cyber at AGCS. “Not all attacks are targeted. Criminals also take a dispersed approach to exploiting companies that don’t address or understand the vulnerabilities they may have. As insurers, we must continue to work with our clients to help businesses understand the need to strengthen their controls. At the same time, in moments of fleetly changing cyber insurance requests, the provision of exigency response services, as well as financial compensation, is now the norm.
Cyber intrusion activity jumped 125% globally in the first half of 2021 compared to the previous year, according to Accenture, with ransomware and extortion operations being a major contributor to the increase. According to the FBI, there has been a 62% increase in ransomware incidents in the United States during the same period, after a 20% increase for the whole of 2020. These cyber trends -risks reflect in AGCS’s own claims experience. AGCS is involv in more than a thousand cyber complaints in total in 2020, up from around 80 in 2016; the number of ransomware requests (90) increased by 50% compared to 2019 (60).In general, losses performing from external IT incidents similar as ransomware or Distributed Denial of Service (DDoS) attacks represent the bulk of the value of all cyber claims anatomized
The growing reliance on digitization, the increase in remote working during Covid-19, and IT budget constraints are just a few of the reasons IT vulnerabilities have intensified, providing countless points of access for criminals to exploit. The wider adoption of cryptocurrencies, such as Bitcoin, which allow anonymous payments, is another key factor in the increase in ransomware incidents.
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