Scarinci Hollenbeck, LLC
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Author: Scarinci Hollenbeck, LLC
Date: July 1, 2020
The Firm
201-896-4100 info@sh-law.comOnline crimes reported to the Federal Bureau of Investigation’s (FBI) Internet Crime Complaint Center (IC3) have spiked 400 percent since the coronavirus (COVID-19) pandemic started earlier this year.
The figures, of course, are not particularly surprising. Many of the changes brought about by COVID-19, such as increases in remote working, greater reliance on cloud-based services, and expanded use of digital payment systems, have created increased opportunities for cybercriminals. Businesses have also been so focused on managing the financial fallout of the pandemic that cybersecurity has often taken a back seat. Thankfully, there are simple steps that businesses can take to help prevent a costly cyberattack.
The disarray caused by the COVID-19 pandemic is proving to be a breeding ground for cyberattacks, particularly ransomware and phishing schemes. Ransomware attacks increased 25 percent in the first quarter of 2020 versus the fourth quarter 2019, according to reports collected by Beazley’s Breach Response (BBR) Services. The insurer found that the manufacturing sector saw the biggest spike in ransomware attacks, with a 156 percent increase in incidents quarter-over-quarter.
Nonetheless, the financial and healthcare industries still tend to be cybercriminals’ favorite targets. Ransomware attacks against the financial sector increased roughly nine times from the beginning of February to the end of April 2020, according to VMware Carbon Black’s Modern Bank Heists report. While the financial and healthcare industries have been particularly hard hit, all industries are vulnerable to attack.
Phishing attacks have also skyrocketed during the pandemic, as millions of workers have been logging on from home. According to security awareness training experts, KnowBe4, cybercriminals are using our anxiety related to COVID-19 to perpetrate phishing scams. The scams rely on fake emails and texts designed to look like official COVID-19-related information to steal personally-identifiable information and/or launch malware.
Being proactive is essential to protecting your business from any cyberattack. Below are several steps all businesses can take to help thwart a ransomware attack:
If you have any questions or if you would like to discuss the matter further, please contact me, Maryam Meseha, or the Scarinci Hollenbeck attorney with whom you work, at 201-896-4100.
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