Threats of Yesterday are Still Present
What Lies in Wait?

 
2020 will be a year that is remembered for making us uncomfortable. This state-of-being has been exacerbated by several things including the coronavirus pandemic. Relocation of the workforce to our homes and the essential reliance upon electronic communication has exposed vulnerabilities in virtually every infrastructure. These circumstances highlight the critical need to make cybersecurity a top concern in reducing risk against inevitable and common dangers.

The threat that has increased in strength and frequency with COVID-19 first came into existence in December 1989. The AIDs Trojan, the first ransomware, gave birth to a trend, that today, is big business. Ransomware attacks have become more sophisticated over the past three decades and have cost companies billions of dollars in recovery annually.

History proves that ransomware is not going anywhere. Instead, it is building traction and it is a continual uphill battle to detect and suppress these attacks. Moreover, the consequences of a successful attack are costly. Your enterprise can suffer from:

  • Business Interruption
  • Reputational harm
  • Data Loss

These threats have a real impact on business and are further verified by attack statistics disclosed by cybersecurity experts this year:

  • Almost half (46%) of global businesses have faced at least one cybersecurity threat (Techrepublic.com, May 6)
  • As of May 2nd, the FBI reported an 800% increase in reported cybercrimes (entrepreneur.com)
  • As of March 28, the number of cyberattacks related to coronavirus grew from a few hundred daily to over 5,000 in one day alone (thenextweb.com)
  • A 238% increase in cyber attacks against banks is linked to COVID-19 (ZDNET.com, May 14)

To properly prepare for a ransomware attack, the following procedures are vital in minimizing the damages:

  • Back up your computers frequently and regularly
  • Store your backups separately, on secure devices not accessible from your network
  • Train your employees to watch for potential scams
  • Update and patch your computer
  • Use caution with links and website addresses
  • Use and maintain preventative software programs, including antivirus and firewalls

Cybersecurity insurance is a wise investment for protecting against what lurks beyond the four walls of our businesses. The professionals at Charles P. Leach Agency are available to customize a policy that is perfect for your unique needs. Call 1-888-275-3224 to get started.