Be Prepared for New Ransomware Attacks

Companies struck by ransomware are facing an ethical dilemma: pay ransom money for saving their data which is now-encrypted, or hold moral high ground and lose all data. Many companies might have to face this question. The latest WannaCry cyber-attack that targeted the organisations data including the UK hospitals, is a part of growing along with profitable "industry".

The ransomware named WannaCry is the latest strain of ransomware, which automatically spreads itself across all the workstations in one network, resulting in global epidemic. Once one of these attachments of phishing email got opened accidentally due to less attention, then it will infect your own workstation along with computers of everyone immediately.

You have to remain careful if you receive an email attachment, which you never asked. thespectrum.com posted on May 31st, 2017, stating that - in case a .zip file is present in the attachment, never click it and remember to delete whole email. Also never forget that when you have any doubt, just throw that out.

CFC Chief Innovation Officer - Graeme Newman, said that this is very simple for the criminals to do this. He further said that "old-fashioned crime was difficult and dangerous, and the chance of getting caught was high. Ransomware is incredibly easy to do. You can download kits from the internet for next to nothing, and the chances of an individual being caught are next to nothing."

Mr. Newman says that cyber claims of CFC can vary from 10,000 Pound to 50,000 Pound for the small-to-medium-sized companies. Bulk of cost is for the specialized help for cleaning up the IT systems instead of paying ransom demands.

Cyber insurance was traditionally centered on the data breaches, however according to Mr. Newman such claims started to level off though demands for ransom were increasing fast.

Cyber is one of the fastest growing parts in specialist insurance world and hence the insurers are rushing for offering new products, even though there is uncertainty on the amount they may need to pay. They said that the cyber underwriters who are experienced are less and far between, thus the recruit might be expensive. Most importantly, it will be better if one secures the flaws - and tools that are meant for exploiting them - while having the plan to reduce the risks in case they are leaked again.

» SPAMfighter News - 6/7/2017