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Ransomware – UK Businesses Have Been Increasingly Plagued

By CIEEM Insurance Services
17.06.16
Image depicting the prevalence of ransomware in the United Kingdom

The number of businesses across the globe that reported being the target of ransomware scams rose by almost 170 per cent in 2015, according to a report from Intel Security. And, by some reports, the United Kingdom is getting hit the hardest—UK businesses are among some of the most targeted in Europe, according to network security firm, FireEye. Indeed, the United Kingdom received nearly 1 in 10 of all ransomware infected emails globally in 2015, according to security firm Bitdefender.

Ransomware is a type of malware that uses encryption to lock users out of digital files until they pay a monetary ransom for a ‘key’. Unable to access vital information, businesses are increasingly opting to pay the online extortionists rather than report the crime, according to the Financial Times. But, there is no guarantee that access to the files will be granted once the ransom has been paid. Therefore, the government is encouraging users to report ransomware attacks to Action Fraud by calling 0300 123 2040.

Although it is nearly impossible to plug all the potential gaps in your business’ cyber security, you can still make it difficult for cyber criminals to access your information. The most beneficial practice that your business can implement is to establish a robust cyber security programme. While your business’ cyber security programme will be unique to your business, be sure to include the following components to protect against ransomware:

  • Install security software and ensure it is always up to date to protect against new threats.
  • Ensure that all the software on your system is current, including browsers, the operating system and any plug-ins. One of the most common ransomware exposures is a software vulnerability.

For more information on how to safeguard your business from cyber threats, contact CIEEM Insurance Services today

 

The Prevalence of Ransomware in the United Kingdom

Image depicting the prevalence of ransomware in the United Kingdom

 

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