The Swiss insurer says that the manufacturing and professional services firms continue to be the most-hit industries from ransomware attacks
Swiss insurance company Chubb said that ransomware attacks that took place this year have already gone past the total number of incidents in 2018.
The Swiss insurance company indicated that its Chubb Cyber InFocus Report showcases the continuing trend of manufacturing and professional services firms as the most vulnerable targets for ransomware attacks.
According to the report, the manufacturing industry makes up 23%, while professional services are 30% of the total number of ransomware incidents reported to Chubb across all industries during the third quarter.
The insurer said that manufacturing firms are more likely to be targeted as they need to quickly restore operations, and professional service companies, which heavily depend on email, are often affected due to vulnerabilities linked with phishing attacks.
Ransomware attacks can happen on any company, irrespective of size or industry, said Chubb.
Chubb Cyber North America head Michael Tanenbaum said: “In today’s environment, the impact of a company’s system becoming inoperable can result in severe and long-term disruption for a business.
“Some ransom demands have grown to the six-and seven-figure range, so it is critical for businesses to understand the increased sophistication of ransomware, what procedures and systems need to be in place to mitigate the risk, and what solutions they need to protect themselves should they experience an attack.”
Chubb Cyber Index, which was launched by the Swiss insurer last year, found that malware claims, which include ransomware, have gone up to 18% of all cyber claims this year from an average of 12% over the last five years.
Ransomware attacks make up 40% of manufacturers’ cyber claims
Ransomware attacks have been found by the index to make up 40% of manufacturers’ cyber claims so far this year. For smaller businesses, ransomware accounted for 23% of cyber claims in 2019 as per the Chubb Cyber Index.
Chubb North America financial lines claims cyber lead vice president Anthony Dolce said: “As bad actors are continuously changing their attack techniques and increasing the complexity of the ransomware, it’s imperative to implement multiple layers of preventative measures to mitigate potential incidents and ensure a reaction plan is in place if an attack occurs.
“By regularly backing up data files and securing those backups offline, properly educating employees, investing in state-of the-art security and antivirus software, and purchasing a comprehensive cyber insurance policy, businesses can be better prepared and protected no matter the threat.”x