Ransomware cyberattacks increase 485% in 2020

With so many of us working from home during the pandemic and having to adapt to new working conditions, cyberattacks are on the increase, with cyber criminals updating their phishing attacks and focusing on delivering email messages that seem legitimate.

According to cyber security firm Bitdefender’s annual report, in 2020 the number of ransomware attacks reported by web users grew by 485%, compared to the previous year, as cyber criminals capitalised on our fears during the pandemic and the increased time we have spent online.
 
The majority (64%) of reported attacks took place within the first six months of 2020, representing a 19% increase on the same time period in the previous year.
 
Most attacks take the form of ransomware. This is malicious software designed to infect systems and prevent you gaining access to your sensitive or financial information. It’s followed by a ransom demand to release the information. These attacks are often distributed via phishing emails with links to fake websites, exploiting weaknesses in your device’s security and enabling the criminal to access your private data.
 
In many cases, criminals have created fake Zoom download sites, tricking users into downloading what they thought was legitimate video conferencing software.  In reality, this software spied on them and stole their data.
 
Bogdan Botezatu, Director of Threat Research and Reporting at Bitdefender said their research showed that consumers were under constant assault from cyberattack. “Cybercriminals will stop at nothing to use outlier events and human empathy to line their pockets. As the pandemic continues we are constantly seeing attacks evolve through malware delivery mechanisms, inventive social engineering and new exploits.”
 
He continues: “With fewer typos, more jargon, and use of legitimate logos when impersonating companies and organisations, cybercriminals fully used their social engineering skills to create believable spam messages.”
 
With the latest research highlighting the level of cyberattack to which we are all exposed, cyber insurance is becoming an essential requirement for every type of business. If your business is dependent on a digital system, then you are at risk. Ask yourself what you could do in the event of an attack and if the answer is ‘not much’, then you should seriously consider taking out cyber cover.
 
Cyber cover is designed to keep your business running in a world that’s operated by digital systems and increasingly threatened by cyberattack. Given that up to 88% of UK companies have suffered breaches in the last 12 months, it makes sense to talk to TMD Insurance Group about arranging tailored cyber cover.
 
To find out more about a policy tailored to your individual requirements, please click here and if you’d like to talk to us about arranging cover, either call us on 01992 703 000 or email: insurance@mcdonaghs.co.uk
 
Source: inews-technology