NeuShield Featured by Analyst Bloor Research (Volume 20)

NeuShield Newsletter (Volume 20)

May 2023

by Elisha Riedlinger, COO of NeuShield

Topics:

Ransomware just met its match
New Changes Are Altering Cyber Insurance That Once Paradoxically Benefitted Cybercriminals

Ransomware just met its match

Ransomware was the most common form of malware in 2022 and is the second more prevalent cause of data breaches. The main point of ransomware is to extort victims by demanding a ransom be paid to restore data that has been rendered unavailable by attackers.

In the battle against ransomware, traditional protections are not good enough. Far too many attacks are still getting through.

Backups can provide a defence against ransomware if an organisation has a good backup strategy in place, with multiple copies including one that is stored offsite and is immutable. But if data has already been infected with malware, even the best backup strategy can fall short. Attackers are now routinely attempting to go after backups. Alone, they are insufficient.

Read More: Bloor Research >>

To learn more and receive a free trial and demo of NeuShield please contact info@neushield.com

New Changes Are Altering Cyber Insurance That Once Paradoxically Benefitted Cybercriminals

Cybersecurity is the newest form of insurance coverage for business liability from data breaches and other hazards to digital infrastructure. It protects businesses against financial losses from breaches that encrypt and exfiltrate data. Ransomware extortion payments are a good example, where hackers encrypt and exfiltrate data to ensure victimized companies pay the ransom. If they don’t pay, their data is sold on the dark web or distributed publicly to shame the business by exposing their breach to customers, investors and the public in general.

Cybersecurity has been a particularly challenging coverage sector. The insurance protections available range from privacy liability, extortion and business interruption to data restoration and remediation costs. Sophisticated organized cybercrime syndicates have played havoc on insurance companies and the claims they’ve processed in the wake of unprecedented attacks and enormous ransom demands.