Ransomware Payments Surge in 2021; Already Exceeding Last Year’s Total

ransomware

On October 15th, the Financial Crimes Enforcement Network (FinCEN) published a report stating that during the first half of 2021, financial institutions reported 635 suspicious ransomware-related activities which is a 30 percent increase from all reported activity in 2020.

Per the report, exchanges and other financial institutions also reported more than $590 million in payments tied to ransomware attacks, including cryptocurrency payments, in the first six months of 2021. This amount far exceeds 2020’s total of just $416 million for the entire year.

Ransomware is a type of malware that locks down the organization’s data. The attacker will then demand a ransom in exchange for the unique key to unlock the file. IT security professionals continue to be concerned with ransomware as attacks today have become more sophisticated and can be extremely detrimental to any organization.

Keep This From Happening To YOU!

A single ransomware attack can shut down a business for weeks or even months, damaging its reputation with customers and employees as well as opening the door for future data breaches. Therefore, knowing how to help prevent a ransomware attack is important. Below are a few best practices you can do to help reduce your risk:

  • Offline backups of data
  • Staff awareness about ransomware
  • Spam filter that continually adapts
  • Configure desktop to display extensions (files with a .exe extension)
  • Block Executables

For additional best practices and to learn more on ransomware click here.

Source: https://www.esecurityplanet.com/threats/ransomware-protection/

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Contact any one of the FI insurance experts below for help in making sure your FI customers have the right coverage from a strong, stable company!

Northeast Region
Seth Jainchill
860-466-7363
sjainchill@berkleyfinsecure.com
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Nicole Rivard
860-801-1492
smynatt@berkleyfinsecure.com
Central Region
Mike Saccone
303-408-9599
msaccone@berkleyfinsecure.com
West Region
Pete Verretto
206-802-3076
pverretto@berkleyfinsecure.com

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