Cyber

Ransomware, ransomware, ransom all the way…

Did you know that ransomware has skyrocketed in 2020? According to cybersecurity service provider Check Point, there has been a 50% increase in the daily average number of attacks in the third quarter alone, compared to the first half of 2020. Claiming a new victim every 10 seconds or so, ransomware has again proven to be one of the most lucrative business models for cybercriminals.

30.11.2020

Could this also affect your Christmas season? Of course. Private photos of you and your family, could be encrypted. It would be even worse if you could not send any holiday greetings to your clients because your company’s systems were blocked by cybercriminals. And much worse would be if your company was unable to produce or deliver goods or services due to a ransomware attack. The worst case scenario would be if critical infrastructure was hit, leaving families in front of dark Christmas trees, hospitals struggling to treat patients and preventing people from making trips to see their loved ones. 

Munich Re is observing, that very often risk-owners “present” cybercriminals with a broad attack surface with too many vulnerabilities. Easy victims are what criminals aim for. And believe it or not, even cybercriminals have their own very special wish list for Christmas. They want to grow their business with bigger events and more revenue. This is what a ransomware criminal's wish list might look like:

  • No updated systems. To a hacker, no patch is a good match!
  • No trained staff. Every cybercriminal really likes employees who click before reading!
  • No backups. If there is no backup, or if a criminal can also encrypt any backup easily, a risk owner is unlikely to recover without the hacker's help!
  • No strong authentication and passwords. Hackers like re-used and not too complex passwords, or even better, default passwords. 

Don’t make their dreams come true! Don’t let ransomware spoil your festive season. 

Together with our clients, we’re creating cyber solutions that go far beyond traditional risk transfer.

Have yourself a merry little cyber insurance! 

 

 

Our experts
Martin Kreuzer
Martin Kreuzer
Risk Manager Cyber Risks
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