Ransomware attacks tied to significant increase in cyber insurance claims | #ransomware | #cybercrime

Cyberinsurance claims have significantly increased during the first six months of 2023, mostly due to ransomware attacks, according to The Record, a news site by cybersecurity firm Recorded Future.

Almost 20% of cybersecurity incidents involving claims were attributed to ransomware attacks, most of which were linked to the Royal, BlackCat, and LockBit 3.0 ransomware strains, a Coalition report revealed. Average ransomware losses during the first half of 2023 exceeded $365,113, which is the highest on record, while average ransom demands reached $1.62 million, which is 74% higher than the previous year.

While business email compromise claims declined during the first half of the year, funds transfer fraud claims rose by 15% over the same period, yielding losses of below $300,000, which was lower than $410,000 during the same period in 2021.

“The growing sophistication of threat actors and their tactics is a contributing factor in the upward trend in FTF claims severity,” said researchers.

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