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Ransomware Risks You Need To Know
Dec 1, 2023

Ransomware Risks You Need To Know

Given how integral the internet is to the way of life today, it is rare to find someone who lives completely off-the-grid or has no digital footprint. When such is the case, you also have to be aware of the threats you may face online, how to protect yourself against them, and how to deal with the repercussions of any such issues you may come across. Ransomware is one of the threats you need to be aware of. One of the easy ways to protect yourself against the financial repercussions of such threats is to get a cyber insurance policy that can offer the right coverage.* But what do you need to understand about ransomware? What are the tactics commonly employed by attackers? And how can getting cyber insurance coverage help you deal with the aftermath of ransomware? Let’s look into the answers to these.

What is Ransomware?

Acquainting yourself with what ransomware is, is key to understanding how to identify such attacks or the methods used to bait you. Once you know how to recognise these, you can then assess your risk levels and choose the right cyber insurance policy for you. The kind of malware used by the perpetrator to lock your data, make it inaccessible to you, or even threaten to release sensitive information, can usually be categorised as malware. In return for meeting their demands, the attacker will commonly ask for a payment, or some form of ransom from the victim. It is not always bigger organisations or groups that are at risk of being attacked with ransomware. Even individuals could become victims of such cyber attacks. Hence, any person who has even a small amount of their data online, such as bank account details, photos, digital documents, or any personal or valuable information, should recognise such threats and understand why cyber insurance is important  for them.

Ransomware Threats To Be Aware Of

While getting an insurance policy can help you deal with the aftermath of a variety of cybercrimes as well as cyberattacks you may face, it is also important to keep yourself as secure as possible. One of the ways to do this is to recognise the types of threats you may face online and how to keep yourself protected against them. When it comes to ransomware, here are some of the common risks that you need to be aware of.

￘ Phishing emails

One of the simplest ways that you may fall for ransomware is via email. Many people are often unsuspecting about emails. However, it is important to be aware of what emails you open and what you download through them. Attackers may send you ransomware via email, disguised as a link or a harmless file – a video, a document, or even a PDF. Clicking on these may lead to you downloading ransomware, which could lead to some significant consequences for you.

￘ Adversary in the Middle (AitM)

This is the sort of attack where sensitive information, such as passwords or other such credentials are derived from the victim by the attacker posing as a trusted entity. They may use legitimate seeming fake websites or apps to get you to log in, and then use this information to make ransom demands. Alternatively, they may also get these credentials to get access to your actual account and hold your data against you.

￘ Ransomware as a Service (RaaS)

This is where ransomware developers offer these as a product or service to people looking to use ransomware. This makes it easy for almost anyone to use ransomware as a threat against their targets. This coudd add to the possibility of ransomware attacks on unsuspecting individuals.

￘ Drive-by downloads

Using websites to download files or software may seem like a harmless activity that numerous people around the world do every day. However, there is a chance that one of these sites may be harbouring ransomware that you may end up downloading on your system, without even realising. It may lead to an attack where your information is taken, or demands are made from you. Remember that the cyber scenario is constantly evolving to accommodate more, and hence, the possibilities of the threats you face are also multiplying every day. While these are some of the ransomware risks that you ought to be aware of, there are several more new ways that fraudsters may find to dupe you online. As someone with an online presence, it is important for you to stay educated about these possibilities and ensure that you act in the interest of your safety. Additionally, you should also consider getting cyber insurance to ensure that you have some degree of financial support if you were to face a cyber-attack, such as ransomware.*  * Standard T&C Apply  Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale. 

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