According to a report published by Coalition, Ransomware incidents have accounted for 41% of cyber insurance claims filed in the first half of 2020. (Coalition is one of the largest providers of cyber insurance services in North America).
“Ransomware doesn’t discriminate by industry. We’ve seen an increase in ransom attacks across almost every industry we serve,” Coalition added. “In the first half of 2020 alone, we observed a 260% increase in the frequency of ransomware attacks amongst our policyholders, with the average ransom demand increasing 47%,” the company added.
The cyber insurer listed Maze and Dopplepaymer as the most aggressive gangs, which have recently begun to exfiltrate data from hacked networks. They also threat to release confidential data specialized leak sites, a kind of extortion. Based on the claims filed in the first half of 2020, Coalition reported that Maze Ransomware Gang is the most greedy of all as it demands ransom six times than the average ransom.
Coalition also reported that 2020 witnessed a 35% rise in funds transfer fraud attacks and business email compromise (BEC) events, in comparison to 2019. The loss from these incidents varied, ranging from thousands to above USD 1 million per event. Moreover, the companies using MS-Office 365 have seen 3.2 times more BEC incidents than those using other (other than Microsoft Office 365) email providers.
“Since the beginning of 2018, […] we’ve been able to recover funds in 55% of all cases, and we’ve recovered 84% of lost funds for these clients,” the cyber insurer said.
Lastly, Coalition iterates that any of the fund transfer attacks, BEC attacks, and lost funds can be recovered.
It is a company that helps organizations manage cyber risk. By providing risk management services, it is saving them from mitigating risk. It combines cybersecurity software and services to prevent risk, with insurance to transfer them; it could help solve one of the most pervasive threats facing organizations. Coalition has more than 10,000 customers who have insured above USD 12 billion of their risk.