The NCUA states that the rising threat of ransomware is a particular concern for smaller financial institutions like credit unions. Ransomware attacks skyrocketed in the first quarter of 2019, according to the Beazley Breach Response (BBR) Services team, which reports a 105% increase in the number of ransomware attack notifications against clients compared to Q1 2018.
Not only has the frequency of attacks increased, but attackers are shifting focus, targeting larger organizations and demanding higher ransom payments.
What is Ransomware?
Ransomware is a type of malicious software that cyber criminals use to deny access to systems or data. The malicious cyber actor holds systems or data hostage until the ransom is paid. After the initial infection, the ransomware attempts to spread to shared storage drives and other accessible systems. If the demands are not met, the system or encrypted data remains unavailable or data may be deleted.
continue reading »