Increasingly, cyber criminals are becoming more sophisticated. Not only is the average ransom payment requested rising significantly, but also the number of people falling victim to these schemes is estimated to be as high as one in three.
Cybercriminals do not just target big business. In fact, they often aim towards small to medium sized businesses, and are becoming increasingly more targeted in their approach and goals. With the business world rapidly moving further into the electronic space to service and interact with customers, it is now more important than ever to protect yourself and your business.
What is it? Ransomware is a type of cybercrime that uses malicious software to attack your device and make your computer and its files inoperative. Cybercriminals use this ransomware and demand payment from you to restore your access to your computer equipment and data.
How does it work? Ransomware works by locking up or encrypting your files so that you can no longer use or access them. Sometimes it can even stop your devices from working all together.
Ways to protect yourself and your Business – Firstly, it is important to know ways in which your device can be affected. This can include visiting unsafe or suspicious websites, opening emails or files from unknown sources and clicking on malicious links in an email or on social media.
Some easy ways to protect yourself form a ransomware attack:
- Install software updates
- Never click on suspicious links
- Never open suspicious attachments
- Backup your devices regularly
Despite the best preventative measures, ransomware attacks can still occur. It is prudent that you have a plan in place to not only try to prevent your business from this kind of attack, but also a management plan if it occurs. A discussion with your IT provider and consideration of cyber insurance should be included in this plan.
Financial loss arising from ransomware attacks comes in various forms.
Please contact your Cutcher & Neale advisor if you are unsure of whether, or what level of, cyber insurance is right for your business.
