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According to new data from UK cyber insurer Beazley shows ransomware claims have increased materially and calls for organizations to employ a layered cyber defense.
Take it from the folks that are up close and intimate with aftermath of many, many ransomware attacks – ransomware isn’t a war you want to fight. Beazley doesn’t just underwrite cyber insurance policies; their Breach Response (BBR) Services helps their clients to respond to ransomware attacks, engaging legal counsel, forensics, and even ransom negotiators.
According to Beazley , both the extortion demand amounts and total cost of ransomware payments have increased an average of 100%, also citing “a rise in {attack] severity as incidents reported are more complex.”
This comes at a time when both cyberinsurance premiums and the number of policies are increasing annually by 50%, according to cyberinsurer Aon . This is a 67% increase over previous years all the way back to 2012; in this timeframe, the average uplift in policy premiums and count only rose an average of 30% per year. Projected by Aon to be a $20 Billion industry by 2025, cyberinsurance is a necessity for nearly every organization today.
According to Beazley, a number of best practice steps exist to better protect against ransomware that include:
Threat actors are constantly coming out with new strains to evade detection. Is your network effective in blocking all of them when employees fall for social engineering attacks?
 
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