Multiple factors are pushing ransomware, including growing attack patterns that include double and triple extortion, criminal business models taking advantage of ransomware, cryptocurrencies and wave of supply chain attacks
During the COVID-19 crisis, another outbreak took place in the cyber space: a digital pandemic driven by ransomware. In a new report, cyber insurer Allianz Global Corporate & Specialty (AGCS) has analyzed the latest risk developments around ransomware to put the scale of the crisis into scope.
The increasing frequency and severity of ransomware incidents is driven by several factors, the Allianz report determines:
- Growing number of different attack patterns such as double and triple extortion campaigns
- Criminal business model around ‘ransomware as a service’ and cryptocurrencies
- Recent skyrocketing of ransom demands
- Rise of supply chain attacks
“The number of ransomware attacks may even increase before the situation gets better,” said Scott Sayce, global head of cyber at AGCS. “Not all attacks are targeted. Criminals also adopt a scattergun approach to exploit those businesses that aren’t addressing or understanding the vulnerabilities they may have. As insurers we must continue to work with our clients to help businesses understand the need to strengthen their…
