Ransomware Attacks Shifting Focus to the UK

Cybercrime is not just an ever-increasing threat, but it’s a very real risk to people and businesses. The effects of cyber attacks can be fatal, and can be extremely costly for companies as their data gets compromised. The loss of data can be extremely disruptive, and if personal data is stolen then the payouts for losing that data can be costly.

It’s a risk to businesses that isn’t going away any time soon and is even seeing an increase in certain areas. It’s recently been revealed that ransomware – a specific type of cyber attack – is increasing in the UK, with it being the second most attacked country for ransomware in the world.

So what is ransomware, and what can businesses do to protect themselves from cyber risks?

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What is ransomware?

Ransomware is a type of malware that is designed to shut out users from data on their computer or server. In order for the files to be accessible again, a ransom will need to be paid to the cyber attacker, hence the name ‘ransomware’. Once a ransomware attack has occurred, the easiest, quickest, and cheapest resolution is to simply pay to regain access to your files.

Ransomware is software that installs itself on your computer and will be commonly found as downloadable files and email attachments. If you download something from a genuine-looking email it can install itself onto your computer, giving hackers access to all the data stored on your device.

Regular malware will simply look to infect your computer – either to spy on you or access what should be restricted, private or confidential files – however ransomware goes one step further and can cause even more damage to your business.

How to Protect Yourself From Ransomware Attacks

A recommended way to manage ransomware attacks – and indeed all cyber attacks that could occur – is to have the right cyber risk management strategies in place. This includes making your employees aware of the types of cyber risks that’ll encounter, and what to do if they spot them.

There are a range of cyber threats that exist to a range of businesses, and as more and more businesses work in the digital sphere through online working, collaboration and communication, it increases the chances of a cyber attack happening at your company.

Common cyber risks include ransomware but also include other types of malware as well as phishing, DDOS (distributed denial of service) attacks, and Trojan horses.

Employees should be aware of suspicious-looking emails, being sure to check the email address the message is being sent from and confirm with the sender via another medium the validity of the email. Alarm bells should start to immediately ring if they’re after confidential information, money or gift cards, which is an increasingly common tactic.

Mitigating Ransomware Risk

Caution should also be urged regarding email attachments and unsafe-looking links, especially if they don’t come from trusted sources. When downloading software, employees should also be checking whether they’re allowed to do so.

In addition to having risk management strategies in place, you should also look to have the right cyber risk insurance policy in place. One of the biggest losses as a result of cybercrime is financial, especially if there’s no option but to pay out as a result of an attack.

By working with an insurance broker like The Yorkshire Broker, you can ensure you’ll have the right protection from the cyber risks you face as a business at the right level of cover too. You can be protected financially as a result of a payout, and can also be covered for loss of earnings and damages as a result of your diminished business reputation.

Ransomware Attacks Shifting Focus to the UK

Insurance Made Personal

What is ransomware?

How to Protect Yourself From Ransomware Attacks

Mitigating Ransomware Risk

Insurance Made Personal

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