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Ransomware – The Big Kid On The Block

November 11, 2020

Ransomware has been racking up huge hits to companies in every sector. Growing increasingly more common as phishing attacks have increased over 600%, ransomware is a threat to every company of every size. New reporting from IBM and cyber insurers emphasizes this, with ransomware up 33% in 2020 alone with soaring cyberinsurance claims illustrating the increased danger and expense from this menace.

IBM’s recent report on ransomware threats in Q2 2020 shows that ransomware is the big kid on the block right now. With a 33% increase in attacks notes, IBM says around 1 in 4 attacks it is seeing include a ransomware component.

This tracks with information recently released by North American cyber insurance giant Cotillion. The insurer reports that ransomware incidents have accounted for 41% of cyber insurance claims filed in the first half of 2020, with a 260% increase in the frequency of ransomware attacks reported by their policyholders, and the average ransom demand increasing 47%.

With ransomware up 33% in 2020, make sure your company’s security awareness training includes phishing resistance and is refreshed at least quarterly for effectiveness. Watchdog agencies around the world give the same advice: increase access control with tools like multifactor authentication (MFA), boost penetration testing to find vulnerabilities, including phishing penetration testing, and ENSURE your employees are educated on the threats that exist since they are your first line of defense.

Ransomware almost inevitably arrives at your business as the poisoned cargo of a phishing email. A precipitate increase in phishing that started at the beginning of the pandemic means that more ransomware-laden phishing emails are headed your way. As part of this surge, ransomware has become a huge problem in all industries.

Increasing penetration testing against potential phishing is a critical component of a strategy to beat ransomware, and Optistar’s Security Awareness Training can answer the call. Threat awareness is key in protecting your business and your data. Let our Security Awareness Training enable you to transform your staff into savvy anti-phishing defenders lessons about the latest threats in addition to online testing to measure retention in a flash.

Contact us at ask@optistartech.com for more advice on keeping your business out of ransomware pitfalls. Let us help you get on the right track to protect your business from ransomware and find the perfect solutions to help you secure your business and your clients’ data.

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