Ransomware is one of the fastest-growing malware threats. Technology and life sciences companies are especially at risk because troves of intellectual property and consumer data make them prime targets. In addition, these companies depend on digital networks to distribute products and services, making cyberattacks even more costly when ransomware brings these operations to a grinding halt.
Ransomware presents a complex, constantly changing and costly challenge for technology and life sciences companies. Incidents are increasing rapidly and according to the most recent Travelers Risk Index survey, over 50% of businesses worry about being a victim of cyber extortion/ransomware. There is no organization that is immune from this cyber security exposure and the risks to technology and life sciences companies are especially treacherous. Here’s why:
Cybercriminals know how to locate security vulnerabilities and will exploit them to their advantage. For example, a current trend is two-pronged. Attackers capture sensitive data and make two demands for ransom. The first demand gets the victim to pay in order to regain access to their own systems and the other is in exchange for a promise not to release personal data and intellectual property publicly.
Technology and life sciences companies deliver connections linking us to greater possibilities, understanding, and ultimately, a better way of life.
It is becoming much harder for businesses to recover from ransomware attacks. A technology business caught unprepared to defend against ransomware can be crippled or even forced to close its doors. These attacks often have a significant and costly impact, including:
Travelers helps technology companies understand and manage cyber risks, including the risk of…