Cyber Insurance and Ransomware Protection: Safeguard Your Business
Ransomware continues to be a significant cyber threat for businesses. Still, according to a new report from Coalition, a cyber insurance and security provider, cybercriminals’ methods have remained unchanged.
This presents an opportunity for businesses and their insurance brokers to strengthen cybersecurity defences by focusing on known vulnerabilities and attack methods.
How Ransomware Attacks Happen
Coalition’s Cyber Threat Index 2025 reveals that most ransomware attacks 2024 started when cybercriminals compromised perimeter security appliances (58%), such as virtual private networks (VPNs) or firewalls.
The second most exploited technology (18%) was remote desktop products, often used by IT providers to access employees’ computers. These tools allow legitimate remote support and provide cybercriminals with an entry point to deploy ransomware.
Email was the third most commonly exploited attack vector, emphasizing the continued risks posed by phishing and other social engineering tactics.
Entry Points and Attack Vectors
Compromised credentials were the most common method used by cybercriminals, responsible for nearly half (47%) of known initial attack vectors (IAV) in ransomware incidents. These stolen credentials were often used to gain unauthorized access to remote desktop products and VPNs, allowing cybercriminals to move laterally within an organization’s network.
Coalition’s investigators found that 42% of compromised credentials resulted from brute-force attacks, where cybercriminals systematically guessed passwords until they found the correct one. In contrast, credentials stolen through phishing or malware were often used in a single attempt, making detection more difficult.
Software vulnerabilities were the second most common entry point. Coalition’s investigations found that cybercriminals exploited weaknesses in widely used software, including products from Ivanti, Fortinet, Cisco, Microsoft Exchange, and open-source Linux web servers.
Social engineering was the third most common method, with cybercriminals using deceptive tactics to trick employees into compromising security. These included:
- Manipulating employees into installing remote access tools.
- Sending malicious links that installed malware.
- Impersonating legitimate software to trick users into downloading malware.
- Phishing employees to reveal login credentials.
Other attack methods included exploiting misconfigured Amazon Web Services (AWS) environments, using malicious Google ads for drive-by-download attacks, and targeting supply chain vulnerabilities.
How Businesses Can Defend Against Ransomware
The Canadian government recognizes cyber threats as a national security risk. Still, the tactics used by cybercriminals have not evolved significantly.
“While ransomware remains a serious concern, these insights show that cybercriminals are still relying on the same tried-and-true attack methods,“ said Alok Ojha, Coalition’s head of products and security. “This means businesses can build a strong defence by prioritizing mitigation strategies for the highest-risk vulnerabilities.”
Steps to Reduce Cyber Risk
Businesses can take proactive steps to reduce the risk of ransomware and other cyber threats, including:
- Continuous Attack Surface Monitoring: Identifying and addressing vulnerabilities before cybercriminals exploit them.
- Strengthening Access Controls: Implementing multi-factor authentication (MFA) and strong password policies to protect against credential-based attacks.
- Employee Cybersecurity Training: Educating staff on recognizing phishing attempts and other social engineering tactics.
- Regular Software Updates and Patch Management: Keeping all software up to date to close security gaps.
- 24/7 Network Monitoring: Ensuring real-time threat detection and response capabilities.
The Role of Cyber Insurance
At Wedgwood Insurance, our team understands that every business faces unique cyber risks. That’s why we offer customized cyber liability insurance solutions tailored to your industry, operations, and exposure levels. Our experienced brokers work closely with you to assess your vulnerabilities, identify coverage gaps, and ensure you have the proper protection in place. Whether you need coverage for data breaches, ransomware attacks, business interruption, or legal liabilities, we provide expert guidance and proactive risk management strategies to keep your business secure.
Cyber insurance is critical in helping businesses recover from ransomware attacks by providing financial protection and access to cybersecurity experts. At Wedgwood Insurance, we work with companies across Newfoundland and Labrador to provide tailored cyber insurance solutions that help mitigate risks and safeguard operations.
As the cybersecurity landscape evolves, businesses must stay vigilant, address vulnerabilities, and prepare for emerging threats. Contact Wedgwood Insurance today to learn how cyber insurance can help protect your business from ransomware and other cyber risks.
About Wedgwood Insurance
Wedgwood Insurance has offices in St. John’s & Corner Brook and is Newfoundland & Labrador’s largest independent insurance broker. We provide straightforward home, auto & business insurance advice.
With over 290 Google My Business reviews, experience the Wedgwood difference with expert advice from our dedicated team. We ensure that every client has the coverage that best suits their needs through upfront complimentary consultations and midterm reviews.
Contact Us
