Cyberattacks increase insurance rates for businesses big & small | #malware | #ransomware

Ransomware attacks like the one on Colonial Pipeline and Kronos cost businesses big money and made for costly insurance claims.

GREENSBORO, N.C. — Cyberattacks hit businesses that deal with what we need most, our paychecks, gas for our cars, you name it.

Most recently, Kronos, a paycheck software company, got hacked in December. It created chaos, that still isn’t totally fixed.

Colonial Pipeline, another ransomware attack, caused gas shortages across the country. The cyberattacks are real…and now insurance companies are raising rates for big businesses and small businesses too.

The attacks happen as scammers hack into computer systems and disguise themselves as co-workers. Then they use emails to trick workers to click on links and give billing, paycheck, or other financial information. Once the scammers have it, they hold the solution and information for ransom

“They either shut down their business or pay the ransom. So, they’ll pay the ransom. The ransoms have been, with some of the businesses we’ve worked with that are larger, have been millions of dollars. Some are five thousand dollars,” said Bryant Harrison, President of Quick Fix.

Because so many businesses are losing money due to internet scams, insurance companies are raising rates 25.5%  

Business owners should have three things to protect them from cyberattacks:
Multi-factor authentication
Password back-ups Software programs that allow hackers to be caught in their tracks

Harrison, our expert recommends Endpoint Detection and Response.

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