Cyber Attacks are Increasing in the Toy Industry

by Bob Witkin York-Jersey Underwriters | 13 Nov 2023

Industry Commentary, Op-Ed

The Federal Bureau of Investigation (FBI) is warning companies in the United States to be alert to the risk of dual ransomware attacks, in which the same organization is targeted more than once in quick succession.


The warning came in an FBI private industry notification dated 27 September 2023: "The FBI noted a trend of dual ransomware attacks conducted in close proximity to one another. During these attacks, cyber threat actors deployed two different ransomware variants."


The FBI also pointed out that a range of ransomware tools are being used in different combinations - with potentially devastating consequences for targeted companies. "This use of dual ransomware variants resulted in a combination of data encryption, exfiltration, and financial losses from ransom payments. Second ransomware attacks against an already compromised system could significantly harm victim entities."


In most cases, the second attack has come within 48 hours of the first, but the period between attacks has been as long as 10 days.


To protect your company, we strongly recommend obtaining CYBER insurance. Attacks can and have cost over $1million dollars where a reasonably cost policy would have paid these costs


Please see the below that shows all the coverages. Please contact BOB WITKIN at YORK-JERSEY UNDERWRITERS for further details and an application for coverage - BOBWITKIN@YORK-JERSEY.COM.


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