Coalition Security Incident

Overview Organisations are facing a growing surge of cyber extortion in the form of ransomware. The number of incidents, as well as the average ransom demands, have risen sharply since the pandemic began in 2020. The hardest-hit organisations have been small businesses, which reported a 71% increase in ransomware frequency and a 56% jump in claims severity, averaging $1.8 million in 2021*. Ransomware coverage is more important than ever. Traditional measures like firewalls and virus scans are no longer enough to fully protect organisations. Attacks have grown more sophisticated, workforces have become more remote, and operations have become more outsourced, dependent on third-party vendors and supply chains amplifying exposure to ransomware attacks. * Coalition Cyber Claims Report Cyber insurance can help prevent losses from ransomware. Click here to learn more. Get Started Get Started In this Article: What is Ransomware? Why does a ransomware attack matter? How does ransomware happen? What are some ransomware examples? Is ransomware covered by insurance? What to do in the event of a ransomware attack? How can you prevent ransomware? How does Coalition protect businesses from ransomware? Additional Resources Coalition's Guide to Cyber Insurance Download 2022 Cyber Claims Report Top 2021 cyber attacks and how coalition can help Healthcare 2021 data breach report Coalition ransomware coverage 2021 cybersecurity guide Ransomware as a Service (RaaS) What is Ransomware? Ransomware is a type of malware attack that encrypts the files on a computer or network unless a ransom is paid. Ransoms can range from thousands of dollars to millions. Once struck by a ransomware attack, organizations have few options other than: Pay the ransom and decrypt the files, Restore the computers from backups, or, Recreate the data from scratch. Why does a ransomware attack matter? Ransomware is a cyber epidemic that's evolved into a lucrative industry of its own. Hackers have shifted...

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