Signs of Hope During Ransomware Chaos: Life is Getting More Difficult for Malware Gangs

September 2023

Ransomware attacks are a very real threat across the web. Individuals, small businesses, and large corporations alike have all fallen victim to these attacks – with ransom payouts often reaching six figures or more. However, even though instances of ransomware may be on the rise, experts are hopeful that we’ve collectively made it through the worst phase of these attacks.

Government Bodies Stepping in to Make a Difference

One of the biggest problems with ransomware attacks is that victims often see no other option besides paying the ransom to get their information back. Unfortunately, doing this only perpetuates the problem because attackers see these victims as easy targets that can be taken advantage of time and time again. Likewise, the decryption codes provided by hackers upon the payment of a ransom cannot always be trusted.

Fortunately, government bodies such as the National Cyber Security Centre (NCSC) and the United States Cybersecurity and Infrastructure Security Agency (CISA) have begun to step in and provide useful advice for would-be victims to handle these attacks (and hopefully avoid them in the first place). With better information going around, people are becoming less likely to fall victim to these attacks. Meanwhile, those who are targeted by ransomware attacks are less likely to perpetuate the cycle by automatically paying the ransom.

What About Changes to Cyber Insurance?

In addition to more involvement by government agencies, cyber insurance companies have also begun to implement strict requirements for companies before issuing insurance policies. Specifically, these agencies are requiring policyholders to take certain security measures that will make them less prone to ransomware attacks before their coverage begins. The idea is that this will reduce the risk of policyholders becoming victims of ransomware attacks in the first place.

Best Practices for Avoiding a Ransomware Attack

It’s no secret that ransomware attacks are a serious threat these days and that anybody could fall victim to one. Still, there are some common-sense cybersecurity measures that you can take to protect yourself. Start by making sure that all of your online accounts are secure with strong passwords and multifactor authentication. From there, avoid clicking on links or opening attachments within your emails, especially if they come from a source you don’t 100% know and/or trust. These are the best practices for ransomware protection.

Of course, it’s also not a bad idea to have a cyber insurance policy in place, especially if you run a larger company that handles a fair amount of its business online. With the right cyber insurance policy, you can enjoy some standard protection against ransomware attacks and ransomware payments.

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