According to Cybersecurity Ventures, cybercrime is the fastest growing crime in the U.S., with damages expected to reach $6 trillion globally by 2021. Therefore, it is axiomatic that C-Suites continue to address the risk associated with cybercrime and how cybercrime will affect the business.

Ransomware continues to be one of the biggest risks to company operations. Statistics show that ransomware attacks are becoming more prolific and expensive. According to the most recent Coveware Q3 Report, ransomware incidents and ransom demands are increasing. Ransomware attacks are leaving a company paralyzed for an average of 19 days.

The inability to conduct business operations for 19 days can be devastating, especially to small and medium-sized businesses. Having an incident response plan, contingent operations plan, and disaster recovery plan is essential to minimizing the risk of failed or stalled operations. Those companies that are prepared for an attack and can implement these plans are better able to respond to a cyber-attack that leaves the company paralyzed.

It is clear that cyber-attacks and cybercrime damages are continuing to soar, particularly while companies’ workforces are working remotely. It is crucial to evaluate and put your incident response, contingent operations and disaster recovery plans in place now.

Photo of Linn Foster Freedman Linn Foster Freedman

Linn Freedman practices in data privacy and security law, cybersecurity, and complex litigation. She is a member of the Business Litigation Group and the Financial Services Cyber-Compliance Team, and chairs the firm’s Data Privacy and Security and Artificial Intelligence Teams. Linn focuses her…

Linn Freedman practices in data privacy and security law, cybersecurity, and complex litigation. She is a member of the Business Litigation Group and the Financial Services Cyber-Compliance Team, and chairs the firm’s Data Privacy and Security and Artificial Intelligence Teams. Linn focuses her practice on compliance with all state and federal privacy and security laws and regulations. She counsels a range of public and private clients from industries such as construction, education, health care, insurance, manufacturing, real estate, utilities and critical infrastructure, marine and charitable organizations, on state and federal data privacy and security investigations, as well as emergency data breach response and mitigation. Linn is an Adjunct Professor of the Practice of Cybersecurity at Brown University and an Adjunct Professor of Law at Roger Williams University School of Law.  Prior to joining the firm, Linn served as assistant attorney general and deputy chief of the Civil Division of the Attorney General’s Office for the State of Rhode Island. She earned her J.D. from Loyola University School of Law and her B.A., with honors, in American Studies from Newcomb College of Tulane University. She is admitted to practice law in Massachusetts and Rhode Island. Read her full rc.com bio here.