According to a recent Howden report, cyber risk management efforts are having a positive impact, and ransomware may be “relentless,” setting the stage for some rate moderation in cyber prices later this year. In 2020 and 2021, ransomware attacks increased the frequency and severity of losses, prompting insurers to reduce capacity and raise prices to… Continue reading Howden: Cyber Prices Could See Some Stabilization Later this Year
Tag: ransomware
Increased Ransomware Attacks, Global Threats Tempering Executive Confidence in Cyber Preparedness
The toll of almost three years of unrelenting workplace disruption, digital transformation and ransomware attacks means most leaders are no more confident in their ability to manage cyber risk than they were two years ago. This is according to a new report published today by Marsh, the world’s leading insurance broker and risk advisor, and… Continue reading Increased Ransomware Attacks, Global Threats Tempering Executive Confidence in Cyber Preparedness
Ransomware Threat Rises: Verizon Report
The Verizon Business 2022 Data Breach Investigations Report (2022 DBIR) examines an unprecedented year in cybersecurity history, and sheds light on some of the leading issues affecting the international cybersecurity landscape. Of particular concern is the alarming rise in ransomware breaches, which increased by 13 percent in a single year – representing a jump greater… Continue reading Ransomware Threat Rises: Verizon Report
Global Directors Increasingly Concerned by Cyber Extortion and Ransomware: WTW and Clyde & Co
Cyber-attacks and data loss are the top risks facing Directors & Officers, with cyber extortion and the growth of ransomware attacks a leading concern, says a global Directors Liability 2022 survey from WTW and Clyde & Co. The survey identifies the key risks for Directors across the globe (covering the UK, Europe, Asia, Australasia, LatAm… Continue reading Global Directors Increasingly Concerned by Cyber Extortion and Ransomware: WTW and Clyde & Co
Small Businesses Hit Hard in 2021 with 56% Rise in Average Cyber Claims Cost
According to the Coalition’s 2022 Cyber Claims report, ransomware claims severity appeared to be leveling off in the second half of 2021, but smaller businesses suffered disproportionately from a 56 percent increase in average claim cost and a 40 percent increase in ransomware events. The average ransom demand increased by 20% to $1.8 million, but… Continue reading Small Businesses Hit Hard in 2021 with 56% Rise in Average Cyber Claims Cost
Russian Ransomware Attacks on Ukraine Muted by Leaks, Insurance Woes
Warnings that pro-Russian ransomware gangs would snarl networks in Ukraine and its allies have so far failed to materialize, owing to disarray in the criminal underworld that is often behind such attacks, as well as fears that insurers would refuse to pay out. Conti, one of the most notorious Russia-based cybercrime groups known for using… Continue reading Russian Ransomware Attacks on Ukraine Muted by Leaks, Insurance Woes
FBI Calls Crypto ‘Only Game in Town’ as Ransomware Flourishes
Cryptocurrencies and deep-fake technology are sending chills throughout the U.S. government, with cyber crooks embracing digital innovations so rapidly that law enforcement can barely keep up, according to the Federal Bureau of Investigation. “Crypto is the primary currency, the primary vehicle, to facilitate extortion payments. It’s the only game in town,” Bryan Vorndran, assistant director… Continue reading FBI Calls Crypto ‘Only Game in Town’ as Ransomware Flourishes
Data Breaches Up 68% in 2021 Over Previous Year
Tthe Identity Theft Resource Center® (ITRC), a nationally recognized nonprofit organization established to support victims of identity crime, released its 16th Annual Data Breach Report, supported by Sontiq, a TransUnion company, at the Identity, Authentication, and the Road Ahead Policy Forum hosted by the Better Identity Coalition (BIC), FIDO Alliance and the ITRC. According to… Continue reading Data Breaches Up 68% in 2021 Over Previous Year
Ransomware Continues Despite Slowdown of High-Profile Attacks
There hasn’t been a massive attack like the one last May that resulted in gasoline shortages in the months since President Joe Biden warned Russia’s Vladimir Putin that he needed to crack down on ransomware gangs in his country. But it’s a small consolation for Ken Trzaska. Trzaska is the president of Lewis & Clark… Continue reading Ransomware Continues Despite Slowdown of High-Profile Attacks
Insurers Changing Cyber Capacity, Appetite, Limits, & Policy Terms as Losses Spike
After the pandemic and home-working drove a surge in ransomware attacks that left insurers reeling from large payouts, insurers have cut the amount of cyber cover they provide to customers in half. Due to increased demand, major European and American insurers and syndicates operating in the Lloyd’s of London market have been able to charge… Continue reading Insurers Changing Cyber Capacity, Appetite, Limits, & Policy Terms as Losses Spike