Ransomware with Gordon Platt, Esq.

In 2021, the prevalence of Ransomware attacks is reported to be on the rise. Cybersecurity Ventures, in their January 2021 Report, “Cyberwarfare in the C-Suite”, indicates that their latest forecast is that the cost of Ransomware damage for 2021 ($20 billion) is 57 times more than the costs associated with 2015.

And, in another recently published report by Mimecast Limited, “The State of Email Security”, 61% of survey respondents reported that they had been impacted by Ransomware in 2020, a 20% increase over the number of companies reporting such disruption in the prior year’s report. The study went on to report that companies impacted by Ransomware lost an average of six working days to system downtime, with 37% saying downtime lasted one week or more and that more than half (52%) of Ransomware victims paid threat actor ransom demands, but only two-thirds (66%) of those were able to recover their data. The remaining one-third (34%) never saw their data again, despite paying the ransom.

On October 22, 2021, Sal Conte, 4As VP Business Intelligence and Insights Practice Group sat down with Gordon Platt, Esq., to discuss the potential challenges involved in a Ransomware attack. In his practice, Mr. Platt focuses on representing companies and individuals with a need for due diligence as well as those affected by fraud, insolvency, and other complex legal matters.

The video that can be accessed from the link that follows provides responses to these questions …

• What is a Ransomware attack?
• What preparations can you take to protect yourself from a Ransomware attack?
• What steps should you take if you are a victim of a Ransomware attack?
• Pay or not to pay?
• Does Cyber Insurance cove a Ransomware attack?

We hope you enjoy this highly important update. Please feel free to contact the 4As for additional information or questions on this subject or any other.