Ransomware payments doubled in 2020


Ransomware payments have doubled in the year 2020 says insurance specialist Beazley PLC and most of the payments were done in the last 6 months of this year, i.e. after the Corona Virus Pandemic lock down has started.

The highlight of Beazley Breach Insights 2020 says that the attacks turned more complex after encrypting the database by locking down access to backups and thus making the victims pay to the hackers for sure.

In the world today’s cyber extortion, hacking activities have turned complex as the threat actors are not only locking down the database from access. But are also stealing a portion of data with the threat to expose the compromise later- if the victim denies paying a ransom.

Cyber Threat firm Coveware cited in other report released in October 2020 highlighting the fact that half of the ransomware cases identified in this year included the threat of releasing the stolen data along with the encrypted data if the victim denies paying a demanded sum.

Beazley says that companies can block the current cyber extortion processes by adopting a layered security approach that can help in minimizing the affects of the attack.

By training employees on tracking down phishing emails and adopting a disaster recovery plan by monitoring any kind of threat intrusions can help companies in refraining the bad guys from entering their computer networks.

Using genuine software and patching them with the latest updates and keeping the information in encrypted form can help in keeping hackers at bay.

Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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