Ransomware Continues to Lead Cyber Attacks

Denise GillinInsurance, News, Risk Management

By Jody Westby for LeadersEdge.com

Experts predict that a company will be hit with ransomware every 11 seconds and the cost of these attacks will be $20 billion by the end of 2021. Why has ransomware been so successful? Two reasons: (1) companies have not developed and tested backup/recovery plans that enable them to fully restore systems encrypted by ransomware, and (2) they have not encrypted their data at rest.

If an organization hit by ransomware has encrypted its data at rest and has full backup/restoration capabilities, it can just restore its systems, and the cyber criminals have to go elsewhere. The reality, however, is that many companies rolled the dice and chose not to fund the development of backup/recovery plans and the deployment of encryption, which can be difficult and expensive.

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