Hi, this is Jeff Shropshire with Shropshire Insurance Today I’m going to talk to you about ransomware and the world of cyber crime. Ransomware is still a very prevalent risk and very damaging to our industry.
Ransomware is when an individual or syndicate breaks into your system or puts a virus into your system that actually locks down your access to your data. In so particular to where they can go in and watch you over a period of time to find out what data on your system is the most valuable to you. And once they determine that, that is the information that they’ll capture and restrict from your access. Unless, of course, you’re willing to pay a ransom through monetary means, whether it’s cash or Bitcoin or any other type of cryptocurrency. These schemes are very devious, they happen through emails and basically looking for any situation that can get into your system to find out this information to keep you from it.
I found out that just since 2018, the amount of ransomware crimes that have taken place have increased by over 350%. Then in last year, 2021 alone damages ranged in the upwards of $20 billion from the effects of ransomware. And that’s not only just paying the ransoms, that’s the damages to your computers, your hardware, the work you have to do to make sure to prevent another attack from happening. So listen, you need cyber insurance, but you also need a partner who can help give you other solutions other than just cyber insurance. And that’s what the Shropshire Agency can do. Please call us and let us help protect your business and your data from crimes such as ransomware.
Call Shropshire Insurance Agency in Lubbock TX at 806-763-7311