Ransomware Attacks Are On The Rise!

Cyber threat exposures are on the rise for businesses and individuals alike. Among the nastiest is ransomware. Ransomware is a type of malicious program, similar to a virus, which invades a user’s computer system or an entire network. Once your system is attacked, the ransomware encrypts all files and locks the user out of the computer while displaying a message demanding a ransom that could be up to thousands of Bitcoin. Bitcoin is a digital currency that is not backed by any bank or government but can be used on the Internet to trade for goods or services worldwide.

After you make the payment, you are supposed to have your files released. If you don’t make payment, your files could possibly be encrypted and inaccessible to you forever. By requesting that payment be made in Bitcoin (or pre-paid credit card), it could be impossible to identify the attacker.

In the last two years, the number of ransomware attacks has grown enormously. First directed at individual consumers, the scammers are now aiming at small- to medium-sized organizations. We are talking about businesses losing access to critical programs such as accounts receivable/payable and payroll.

In addition to educating yourself and your employees about properly handling unfamiliar attachments received in emails, our cyber risk management experts at Watkins Insurance Group are here to determine the best way to protect your business. We can conduct a risk assessment to help you identify any gaps in your cyber coverage.

The amount of money and time a business risks losing due to a data breach, cyber extortion, or lapse in cyber security can be crippling. Call our skilled agents at Watkins Insurance Group today! (512) 452-8877.

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