Cyber-attacks are one of the biggest modern-day threats facing businesses around the world. Recent statistics show that over 72% of businesses worldwide have been affected by ransomware attacks.
The UK is currently ranked as the third most-targeted country for cybercrime. One of the most recent examples to hit the headlines was the Royal Mail attack in January 2023 by LockBit which demanded the biggest ransom ever seen in any country – a staggering £80 million.
What is ransomware?
Ransomware is a form of malware that encrypts the data stored on your device making it inaccessible. Attackers can steal or delete your data and may threaten to leak it if it contains sensitive information.
Ransomware is given its name because the attackers usually ask for a ransom (in bitcoin) to release your data. However, paying the ransom does not necessarily guarantee the safe return of your data, so preventing ransomware attacks before they begin is essential.
Ransomware attacks come with a hefty price tag. Being unable to carry on with day-to-day operations has cost many businesses hundreds of thousands of pounds.
If you find yourself on the receiving end of an attack you can also be hit with fines and potentially prosecution if your business has neglected basic cybersecurity measures.
How to avoid ransomware attacks
- Check your systems for vulnerabilities and block or strengthen protection on common forms of entry such as remote access RDP and VPNs. We recommend investing in endpoint security software to detect unauthorised access and block malware.
- Create offsite, offline backups. Keep your backups out of reach of attackers so you can get back to business quickly.
- Educate your employees. Human error is still the most common cause of ransomware attacks. Educate your employees on the importance of staying safe online including not clicking on links from unknown senders and using secure passwords.
Protecting your business against ransomware attacks
The Bateman Group has teamed up with Travelers – one of the world’s leading cyber insurers. Through them, we can offer expert advice and a fantastic claims service if you are affected by ransomware attacks,
Our cyber insurance policies cover you for up to £10 million across breach response cyber-crime, business loss, and cyber liability. This includes any regulatory proceedings, data breach liability, any fines and penalties (if insurable by law), and losses from business interruption plus cyber extortion and other financial cybercrimes.
Get a non-obligational quote from our cyber insurance experts to protect your business today.