It comes as no surprise cyber attacks are continuing. As we’ve shared in the past when discussing our Safety & Security investing theme, cyber is the new war front. Now we are seeing is a more pronounced change in the types of attacks (ransomware) and the targets (healthcare and small businesses). Perhaps the thinking is those new targets are more vulnerable or they lack adequate security measures that have been put in place by larger organizations.
From our Safety & Security perspective, it says the under protected will need to step up their cybersecurity spending to thwart the growing threat, creating demand along the way.
The threat of cyberattacks continues to grow, and small businesses (SMBs) are caught in the crosshairs.
The latest research in small business cybersecurity has revealed the relentless nature of the threat, with new strategies emerging and new strains of ransomware rearing their ugly heads. As a result, 71 percent of ransomware attacks are now targeting small businesses, according to a report released by Beazley Breach Response (BBR).
Its most recent Beazley Breach Briefing, released last month, analyzed 3,300 data incidents in 2018, and found that small businesses face a higher risk of being targeted by a ransomware attack than larger enterprises.
“The threat posed by cybercriminals continues to grow in complexity as they devise new techniques to breach IT security and trick unsuspecting employees into allowing them access to systems,” said Beazley Global Head of BBR Services Katherine Keefe in a statement. “Unfortunately, we see these threats globally across all sectors, and we strongly believe that education about the risks and preparedness are as important as IT security measures for protecting individuals and assets from cyberattacks.”
Beazley researchers found that the mean for ransomware attack demands was $10,310, though one incident saw a demand for $8.5 million. Healthcare emerged as the largest target for ransomware attacks, followed by financial service providers and professional services. Meanwhile, instances of the Business Email Compromise (BEC) are also on the rise: About 47 percent of all incidents examined last year were the result of a hack or malware — and, of those, about half were BEC scams.