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.

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