Is Your Organization Ready For A Ransomware Attack?
This report, ‘Bashe attack: Global infection by contagious malware’ explores a scenario in which companies’ devices are infected with malware that threatens to destroy or block access to files unless a ransom is paid.
The attack is launched through an infected email, which once opened is forwarded to all contacts and within 24 hours encrypts all data on nearly 30 million devices worldwide. Companies of all sizes and in all sectors would be forced to pay a ransom to decrypt their data or to replace their infected devices.
The estimates of a cyber-attack on this scale could cost $193bn and affect more than 600,000 businesses worldwide.
Despite the high costs to business, the report shows that the global economy is underprepared for such an attack with 86% of the total economic losses are uninsured, leaving an insurance gap of $166bn.
This report provides an overview of insurance losses and classes impacted:
- Analyses regional economic impacts in the US, Europe, Asia and the rest of the world.
- Analyses the economic impacts by industry sector.
- Challenges assumptions of how prepared the global economy is for a cyber-attack of this nature and scale.
- Highlights lessons for the insurance sector in terms of policy, legal and aggregation issues in cyber insurance products.
- Identifies opportunities for insurers to expand their business in insurance classes associated with ransomware attacks.
This is a new publication from the Cyber Risk Management (CyRiM) project, the Singapore-based public-private initiative that assesses cyber risks, of which Lloyd’s is one of the founding members. Understand more about CyRiM click here.
How We Handle This Type Of Attack
Here at Griffus Tech we never recommend paying the ransom. You don't know if they will return your data. They are not honest businessmen. They are criminals. We make sure our clients have a Continuity of Business plan in place so if there is an attack and an organization does get compromised, we can quickly enact this plan and get back to business.
We do active detection with endpoint monitoring and protection; We run phishing test to make sure people understand what a phishing email looks like. We make it easy for them to report it. If that doesn't stop it then we maintain backups and quick response VM's to make sure if things go down we can get it back.
We are here to help you and your organization with your IT and marketing needs.