Mortgage firms “must understand” the key risk

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“The higher the encryption speed; the larger the key space; the harder it will be (for hackers to get through), ”he said.

He acknowledged that while firms “can never completely prevent anything,” they can mitigate the worst impact of a cyberattack by implementing what he called a recovery plan.

“If your countermeasures are bypassed, then the next level (ask) is: what can you do to recover? Are you able to recover? And the only way to find out is to document, update and test the recovery plan, ”he stressed.

In a recent global survey of over 1,200 technology and cybersecurity companies, 61% of respondents said they were hit by ransomware attacks in 2020, up 21% from the previous year.

The attacks resulted in system downtime for an average of six business days. Even more alarming, 52% of victims admitted that they paid the ransom to their attackers, but 34% of them were never able to recover their data.

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