Combating Ransomware Attacks

Combating Ransomware Attacks

Combating Ransomware Attacks

Ransomware is a major Cybersecurity concern and 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:

  • Ransomware campaigns against technology and life sciences companies can be quickly amplified because distribution of technology products and services is typically through digital networks where the risk can easily be cascaded to customers and other entities in the network.
  • With highly connected and global operations, electronics manufacturers offer cyber criminals many potential routes for attack. Any part of a supplier’s security architecture can be vulnerable.
  • Technology and life sciences companies typically have troves of valuable intellectual property and consumer data that they need to protect. Attackers assume they also have deep pockets to meet high ransom demands.

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.

Ransomware: An Expensive Threat to Technology and Life Sciences Businesses

It is becoming much harder for businesses to recover from ransomware attacks. A technology business, like Aligned Tek in Birmingham, AL, 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:

  • The direct ransom cost.
  • Fines and penalties.
  • Loss of business income due to compromised production and sales systems.
  • The potential theft of intellectual property and subsequent extortion.
  • Brand damage following the ransomware event and related lawsuits.

Cyber Insurance for Technology Companies

Travelers helps technology companies understand and manage cyber risks, including the risk of…