Today’s message serves as a quick reminder to stay diligent and up to date on your cyber security coverage, especially if you have been subject to a previous attack. Ransomware is the most common ways that modern hackers are using to steal personal information from companies. Also, companies that have been attacked before have a significantly higher chance of being targetted again. Often times, even when ransom is paid to the individual or group who seized company information, the damages are often unable to be fully restored. Roughly 41% of cases that are resolved by paying ransom still result in the victimized party not recovering all of its information and about 26% of those cases experienced a significant financial loss.

Considering this information is the sole reason why it is so important to remain insured and invested in robust security systems. Deciding to make the investment now to prevent an attack is far better than trying to resolve an incident after an attack has already been launched. When taking steps to prevent an attack, it is important to prioritize keeping systems updated, educating employees on how to prevent an attack, and making an effort to ensure that there are back ups for information that is most valuable to your business. The latter item is especially worthy of your time as roughly a quarter of businesses who paid a ransom did so because they did not have back-ups for the information that was stolen.

References:
https://www.insurancejournal.com/news/national/2022/11/09/694534.htm