Over 41% Cyber Insurance claims in 1st half of 2020 were related to Ransomware


Ransomware topped the cyber insurance claims in 1st half of 2020 and this was confirmed by a reported published by Coalition, a noted cyber insurance provider in North America.

Nearly 41% of claims were related to loss incurred with the file encrypting malware, as there was a 260% increase in the frequency of ransomware attacks amongst the policyholders, with an average demand increasing by 47 percent.

On an average, the size of the claim ranged between $1000 to $2,000,000 per security incident with Maze Ransomware gang proving most greedy- as it demanded 6 times more ransom than recorded at the same time last year.

Among the most aggressive gangs so far Maze and DooplePaymer topped the list followed by REvil as these gangs got 96% success rate in minting money from victims as they threaten their victim of releasing data on dark web, a part of double extortion scheme.

Coalition’s latest security report also says that it witnessed a spike in insurance claims related to money transfer frauds and business email compromise as recorded numbers recorded a growth of 35% and 67% from 2019 to 2020. However, in most cases and with timely intervention from the law enforcement, most of the lost funds in money transfer frauds and BEC attacks were recovered.

What’s surprising about the find is that the companies using Microsoft Office 365 were 3.2 times more vulnerable to cyber attacks than those using other email service providers.

Hope someone from the Microsoft is listening….!

Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

No posts to display