Phishing Attacks Increased 600%

Date: Nov 12, 2020
By: Basi Insurance

The State of Ransomware 2020 Quick Facts: 68% of ransomware attacks began with phishing links, phishing attacks have increased over 600% since the start of the COVID-19 pandemic, 85% of ransomware attacks targeted Windows systems, by 2021 a business will fall victim to ransomware every 11 seconds, the average ransom demand has risen from $5k in 2018 to $100k+ in 2020. Ransomware Costs Covered by an Evolve Cyber Policy. Businesses can experience the following costs post hack attack: forensic experts ($500 per hour), data breach attorneys ($500 per hour), notification costs ($3 per affected individual), credit monitoring ($3 per affected individual), public relations cost ($250 per hour), data rebuild (employee & 3rd party overtime costs), business interruption (% loss of internal revenue), reputational harm (% loss of client revenue), ransomware (amount of cryptocurrency demanded by hacker), wire transfer fraud (average transaction size), regulatory fines (varies across federal, state & private bodies), 3rd party (virus) - defense costs, 3rd party (privacy) - defense costsArticle obtained from Evolve MGA

We have cyber security insurance solutions for you at Basi Insurance Services, Inc. Contact our office or your favorite agent to discuss your business’ cyber security exposures in order to create a customized plan that covers your risks. We provide free safety training for our business customers, and cyber security training is no exception. Call us today at 209-847-3065 or click here where you will find our agents’ bios with their email addresses and appointment setting links.

Recent Posts

We want you to know how to protect yourself, your family, and your businesses. Follow our blog for helpful tips, industry news, insight into current events, and more.

Sandy Guerra, our part time receptionist

Looking for Good News? Be Inspired by Our Own, Sandy Guerra!

Sandy Guerra is the sunshine that warms up our Oakdale office. She works part-time helping ...
couple taking photo in front of car

Should You Buy Insurance for Your Vacation Rental Car?

If you’ve ever rented a car, you’ve probably been warned by salespeople at the counter ...
driver with hands on the wheel

Virtual Drivers Ed Class Whenever and Wherever You Want!

Take your Drivers Ed course online! Want to earn your license, but don't have the ...