Ransomware payment demands continue to increase in 2021

Ransomware locks your files and demands money to give them back. The demands keep getting bigger.

Coalition, a cyber insurer, reviewed its claims data for the first half of 2021. It found that average ransom demands roughly tripled compared with the first half of 2020.

Attackers ask for more because it works often enough to be worth it. When a business has no usable backup, paying can feel like the only way back to work.

What this means for a small business

Small companies are not too small to be targeted. Attackers often go after businesses that have spent less on security, because they expect less resistance. A large demand can threaten a small company's survival.

Paying is also no guarantee. Some victims never get all of their data back, and some are hit again. The better plan is to be in a position where you do not need to pay.

What to do now

1. Keep backups that ransomware cannot reach, such as offline or immutable copies. Test a restore on a schedule.
2. Turn on multi-factor authentication, starting with email and any remote access.
3. Install updates promptly on computers, servers and network equipment.
4. Do not leave remote desktop open to the internet. Put it behind a VPN.
5. Train your staff to spot phishing, since many attacks start with a single email.
6. Run antivirus or endpoint protection on every device, and limit who has administrator rights.
7. Write down who you will call if an attack happens, including your IT provider and your cyber insurance carrier.

Insurance is changing too

Cyber insurance is not a substitute for these steps. Insurers have started asking more questions about backups, multi-factor authentication and patching before they agree to cover a business. Having good answers can help with both coverage and cost.

If you are not sure where you stand, we can review your backups, accounts and remote access with you. A short conversation now is much easier than a long one after an attack.