On Wednesday, April 17th Risk Strategies, in partnership with cyber security experts The Crypsis Group, hosted a webinar looking at Ransomware & Business Email Compromise. We were joined on the webinar by Chris Salsberry, a Senior Director at Crypsis, who has over 20 years of digital and forensic investigative experience. There were a few main takeaways from the webinar:
People are the greatest weakness in a company’s cyber defense, with 52% of incidents resulting from employee negligence.
The bad actors aren’t just trying to steal personal identifiable information but are frequently monitoring email correspondence to manipulate invoices and/or to redirect payroll direct deposit to accounts they control.
Ransomware has become prevalent.
Ransomware is more destructive, causing significant downtime and leaving businesses with no choice but to pay.
Ransomware extortion demands are typically in digital currency and in excess of $250K. Qualified forensic investigative firms such as Crypsis have bitcoin wallets and relationships with bitcoin brokers so that companies don’t have to maintain their own bitcoin wallet.
Employee training and multifactor authentication, are vital.
Beyond its financial value, cyber insurance provides immediate access to necessary vendors including forensic firms at significantly discounted rates.
Those are the high points, but we covered a lot more important ground. Below you will find the webinar to learn more.