Ransomware Claims Are Up 50% in 2019 With Attacks Outpacing the Previous Five Years

According to cyber insurer Chubb, ransomware attacks are shifting industry focus and are becoming both more frequent and more expensive to address.

It’s a given that ransomware is here to stay for the foreseeable future. It’s not new, so organizations should be pretty well-versed in how to stave an attack, as well as how to remediate one should it successfully encrypt the organization’s data and/or systems.

But according to the third quarter edition of Chubb’s Cyber 2019 Adapting to the New Realities of Cyber Risks InFocus Report, ransomware attacks in 2019 are already outpacing 2018. This, despite Chubb noting an 84% increase in ransomware attacks from 2017 to 2018. From the report:

• Ransomware-related cyber claims increased to 18% of all cyber claims in 2019, from an average of 12% over the past five years – that’s a 50% increase!
• Ransomware accounts for 40% of manufacturers cyber claims through the third quarter of 2019
• Ransomware accounts for 23% of small business cyber claims through the third quarter of 2019

Most alarming is the fact that despite Chubb seeing the increases in ransomware attacks mentioned above (which should result in organizations becoming better prepared to prevent and/or respond to ransomware), they are still experiencing an increase in the percentage of cyber claims resulting from ransomware attacks.

It’s indicative that organizations simply aren’t prepared.

With over one-third (34%) of ransomware attacks using phishing as the method of delivery, involves user interaction, users need to be involved by interacting with malicious attachments or links. Educating users to spot potentially malicious email and web content via continual Security Awareness Training is an effective way to reduce the risk of infection and successful ransomware attack.