With data breaches and ransomware attacks bringing some of the biggest companies to their knees in recent months, it’s clear that the cyberattack threat is continuing to increase as hackers become more sophisticated with their weapons of attack.
“The latest development in ransomware was Ryuk – the group uses bespoke malware and breach of the target network to significantly reduce the potential for recovery. With this additional effort came higher ransoms of £250,000-plus (approx. CA$400,000). We dealt with approximately 30 such incidents, all of which occurred just before Christmas,” said Mark Hawksworth (pictured above), global technology specialist practice group leader at Sedgwick. “The targets were widespread from logistics and service companies to printers and manufacturers. The common factor was that they were all high turnover – £40 million-plus (approx. CA$64 million).”
You've reached your limit - Register for free now for unlimited access
To read the full story, and get unlimited access to Insurance Business website content, just register for free now. GET STARTED HERE
Already a website member? Log in below.