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Ransomware And Social Engineering: The Most Common Types of Cyber Attacks!

ransomware attack cause financial burden

90% of cyber claims are ransomware & social engineering!

On average, businesses experience 21 days of downtime following a ransomware and the cost of recovery has more than doubled since last year.  

Ransomware and social engineering attacks are increasing and are damaging to any company.  

What’s worse is that these cyber attacks are becoming easier to execute – especially when geared toward SMBs!

Though we may not be able to block hackers 100% of the time, there are things we can do to protect our businesses so we survive this awful experience should we become victim of cyber crime.

We have GOT TO focus on:

*Cyber Awareness Culture

*Cybersecurity of our company

*Data Backup & Incident Response Plan

*Comprehensive Cyber Insurance for financial protection

Small & medium-sized companies are a BIG TARGET for cyber attack due to increased vulnerability.

In this video we explain how social engineering cyber attacks work along with understanding how ransomware and cyber extortion cyber crime takes place.

Ransomware – type of a malware that infiltrates your network and encrypts your systems and files. A hacker will then contact you to pay a ransom to have your data unencrypted. Cyber criminals will not return what has been taken unless demands are met

Cyber Extortion – online crime where hackers hold your data, website, computer systems or other sensitive information hostage until you meet their demand for payment.  Cyber criminals will threaten to harm the company by exposing personal or sensitive information

Social Engineering – a manipulate tool to trick or fool a user or employee into performing a cyber crime such as fund transfer fraud, give away security information or gain security access

Invoice Manipulation – fraudulent transfer of funds or money lost if you provide goods or services and before payment is rec’d the invoice is manipulated or intercepted to cause your client to to be tricked into paying someone else instead of your company.  

Ransomware attack (whether you choose to pay or not) recovery steps are time consuming and costly.  A comprehensive cyber insure policy will cover ransomware or cyber extortion attack along with social engineering or invoice manipulation claims. Standalone cyber insurance helps immediately with ransomware attacks and gives access to a breach coach, forensics, and ransom experts to negotiate the ransom (if you so choose), and financial resources to return to normal operations as quickly as possible.  

Plan to mitigate risk by creating awareness, building a security culture, focus on cyber security health of your company and get cybersecurity insurance! Be sure you have cyber experts by your side to ensure you have sufficient cyber insurance coverage to protect your business assets and financial future. 

Don’t be alone & vulnerable. Reach out and get cyber & financially protected.

Build cyber resiliency!

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