The Swiss insurer says that the manufacturing and professional services firms continue to be the most-hit industries from ransomware attacks Image: The manufacturing and professional services firms continue to be the most-vulnerable industries to ransomware attacks, finds Chubb. Photo: courtesy of Pete Linforth from Pixabay. Swiss insurance company Chubb said that ransomware attacks that took place this year have already gone past the total number of incidents in 2018. The Swiss insurance company indicated that its Chubb Cyber InFocus Report showcases the continuing trend of manufacturing and professional services firms as the most vulnerable targets for ransomware attacks. According to the report, the manufacturing industry makes up 23%, while professional services are 30% of the total number of ransomware incidents reported to Chubb across all industries during the third quarter. The insurer said that manufacturing firms are more likely to be targeted as they need to quickly restore operations, and professional service companies, which heavily depend on email, are often affected due to vulnerabilities linked with phishing attacks. Ransomware attacks can happen on any company, irrespective of size or industry, said Chubb. Chubb Cyber North America head Michael Tanenbaum said: “In today’s environment, the impact of a company’s system becoming inoperable can result in severe and long-term disruption for a business. “Some ransom demands have grown to the six-and seven-figure range, so it is critical for businesses to understand the increased sophistication of ransomware, what procedures and systems need to be in place to mitigate the risk, and what solutions they need to protect themselves should they experience an attack.” Chubb Cyber Index, which was launched by the Swiss insurer last year, found that malware claims, which include ransomware, have gone up to 18% of all cyber claims this year from an average of 12% over the last five years. Ransomware attacks have been found by the index to make up 40% of manufacturers’ cyber claims so far this year. For smaller businesses, ransomware accounted for 23% of cyber claims in 2019 as per the Chubb Cyber Index. Chubb North America financial lines claims cyber lead vice president Anthony Dolce said: “As bad actors are continuously changing their attack techniques and increasing the complexity of the ransomware, it’s imperative to implement multiple layers of preventative measures to mitigate potential incidents and ensure a reaction plan is in place if an attack occurs. “By regularly backing up data files and securing those backups offline, properly educating employees, investing in state-of the-art security and antivirus software, and purchasing a comprehensive cyber insurance policy, businesses can be better prepared and protected no matter the threat.”x Do you have interesting content to share with us? Enter your email address so we can get in touch.
The number of ransomware attacks this year has already surpassed that of 2018, according to a report by Swiss insurer Chubb. It said the manufacturing sector, with its need to restore operations swiftly, was a bigger target, and was responsible for 23% of ransomware attacks. The services industry made up 30%. Chubb also revealed that malware attacks accounted for 12% of all cyber claims, compared with a five-year average of 18%.