According to a recent report from Radware, a leading cyber security provider, nearly half of all surveyed businesses experienced a ransomware attack in 2016. Ransomware is a type of attack where an organization is “locked out” of its computer network until a financial ransom is paid, usually with the anonymous and digital bitcoin currency.
The report also showed that cyber criminals frequently used the threat of a distributed denial of service (DDoS) attack to elicit a bitcoin ransom. These attacks slow down a target server until it is rendered useless, often leading to prolonged business interruptions.
What’s worse is that these types of attacks are relatively easy for criminals to perform, and are often automated by using malware or bots. Additionally, Radware found that 40 percent of respondents don’t have a cyber incident response plan in place to counteract ransomware and DDoS attacks.
The report also made a number of predictions for cyber attacks in 2017, which included the creation of new types of DDoS attacks, more targeted ransomware attacks and the increased prevalence of politically-motivated cyber attacks.
Insure against cyber risks
Businesses can protect themselves from financial losses resulting from attacks like these by purchasing cyber liability insurance. To learn more about cyber insurance or request a quote, contact us.