{"id":48938,"date":"2022-10-20T00:00:00","date_gmt":"2022-10-20T00:00:00","guid":{"rendered":"urn:uuid:8ddf410d-a96b-c44a-b928-1377f98968c2"},"modified":"2022-10-20T00:00:00","modified_gmt":"2022-10-20T00:00:00","slug":"ransomware-insurance-security-strategies","status":"publish","type":"post","link":"https:\/\/www.threatshub.org\/blog\/ransomware-insurance-security-strategies\/","title":{"rendered":"Ransomware Insurance Security Strategies"},"content":{"rendered":"

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A cyber insurance policy is a necessary element in a company\u2019s risk mitigation strategy. However, obtaining\/renewing a policy is becoming more difficult, and premiums have drastically increased. Direct-written premiums increased by 92%<\/a> in 2021 according to the National Association of Insurance Commissioners.<\/p>\n

The primary reason for the hardening of the cyber insurance market? Ransomware. Since ransomware accounts for 75% of all insurance claims<\/a>, premiums are directly correlated with the 148% increase in attacks through Q3 2021<\/a> as well as higher ransom demands and recovery costs.<\/p>\n

As costs continue to soar, many businesses lack the appropriate cyber insurance coverage. According to a BlackBerry and Corvus Insurance survey<\/a>, nearly 40% of respondents revealed they currently lack coverage for any ransomware payment demands.<\/p>\n

Businesses of all sizes need to take stock of their ransomware prevention strategy \u2013 not only to reduce the chances or scope of an attack, but to demonstrate the necessary cybersecurity maturity to obtain the appropriate policy for your business.<\/p>\n

Common ransomware attack vectors<\/span><\/p>\n

Understanding the modern attack mechanics and vectors is critical to effective ransomware prevention. As the attack surface<\/a> continues to rapidly expand due to digital transformation and remote workers, cyber criminals have a variety of entry points to choose from. Here are the most common attack vectors for enterprises:<\/p>\n

1. Phishing<\/b> attacks like BEC are responsible for 91% of cyber threats<\/a>, including ransomware. Trend Micro Research reported a staggering 137.6% increase in phishing attacks<\/a> blocked and detected in 2021.<\/p>\n

2. Unpatched vulnerabilities<\/b> on any internet-facing systems (websites, VPNs, etc) continue to be exploited for ransomware attacks. Of the 1,543 vulnerabilities disclosed by market-leading bug-bounty program Trend Micro\u2122 Zero Day Initiative\u2122<\/a>, 68% were categorized as critical or high severity.<\/p>\n

3. Remote desktop protocol (RDP)<\/b> is valuable for businesses, but if it\u2019s not properly protected, it can grant malicious actors the same benefits. Ransomware operators will use brute force, credential stuffing, or even purchase legitimate credentials from the dark web to exploit RDP.<\/p>\n

4. Websites<\/b> that seem trustworthy can have malicious ransomware code hidden in web scripts. Any individual that visits that site will automatically download the code, which can be executed to infect the user\u2019s system and move laterally across the IT infrastructure to exfiltrate data.<\/p>\n

Tips for ransomware prevention<\/span><\/p>\n

Similar to adding reinforced locks and alarms to doors, enterprises need to focus on securing potential attack vectors. This will strengthen your overall cybersecurity maturity and demonstrate proactive, risk-based protection \u2013 which is exactly what cyber insurance underwriters want to see. Here are the security practices you can apply to the attack vectors listed above:<\/p>\n

1. Phishing<\/b>
Stronger email defense depends on layered messaging security. Look beyond native security to cutting-edge capabilities such as gateways to detect internal malicious emails, writing style and computer graphic analysis, and integration with a broader security platform.<\/p>\n

Trend Micro\u2019s VP of Threat Intelligence, Jon Clay, compiled a list of questions to across the four pillars of cybersecurity \u2013 people, culture, process, and technology \u2013 to identify potential email security gaps. Read more<\/a>.<\/p>\n

2. Unpatched vulnerabilities<\/b>
To create a strong defense program against vulnerability exploitation, consider the following patch management best practices<\/a>:<\/p>\n