"Driven by Ransomware, Cyber Claims Rise in Number & Value"

The insurance company Allianz recently released a report highlighting cyberattacks and security incidents as the top business risk for companies and the rise in cyber insurance claims. According to the firm's "Trend in Cyber Risk" report, the number of insurance claims increased by 27% in the first nine months of 2020, with 39% of companies now considering cyber incidents as the most important risk. The major factors behind the growth in claims are the expansion of the cyber insurance market and the growing cost of cybercrime to companies. The growing commercialization of hacking tools has also contributed to the increase in ransomware claims. There has been an increase in the distribution of high-end hacking tools for sale among cybercriminals to execute ransomware attacks. The insurer Coalition has also seen a surge in ransomware claims as the firm's 2020 "Cyber Insurance Claims Report" revealed that ransomware attacks made up over 40% of policyholder claims. This article continues to discuss the rise in cyber insurance claims, growth in ransomware claims, and how companies can avoid most of the attacks that lead to claims.

Dark Reading reports "Driven by Ransomware, Cyber Claims Rise in Number & Value"