"Cyber Extortion Cases Surge 39% Annually"

According to the international law firm RPC, incidents of online extortion reported to the police increased by nearly two-fifths in 2022 compared to a year previously.  The new study revealed 3200 reports of cyber extortion last year, including cases of ransomware, sextortion, and cases where data is stolen and held for ransom.  That’s up from 2300 cases in 2021, according to RPC.  RPC also found that there was an 8% increase in reports made by victims of email and social media hacking, up from 13,500 in 2021 to 14,600 in 2022.  Partner and head of cyber and tech insurance at RPC, Richard Breavington, stated that although attacks against larger organizations fell over the past year, SMEs and individuals are still struggling to manage cyber risk effectively.  Breavington noted that there are an increasing number of cyber-insurance policies available, some of which are aimed at SMEs that cover the cost of dealing with a data breach.  However, some of these policies will require basic security steps to have been taken.  Just 36% of micro and small businesses currently have cyber insurance, with the figure rising to 63% of mid-sized businesses and 55% of large businesses.  During the study, RPC also found that other forms of cybercrime are falling.  Malware reports decreased from 7200 in 2021 to 5300 last year, while reports linked to the hacking of servers, PCs, and phones declined 10% over the period to 5200 last year.

Infosecurity reports: "Cyber Extortion Cases Surge 39% Annually"