After a brief lull, ransomware attacks have roared back as a major and persistent security problem in the past year. These attacks have become so frequent and so widespread that cyber insurance rates are spiking, with Reuters reporting some premiums increasing as much as 25% in price.
The central issue is the cost of fulfilling claims. When ransomware attacks lock a policyholder out of their network, there are effectively only two options; pay the ransom or restore from backups. If the client doesn’t have adequate backups, they’re locked into option A. The insurance policy may not need to cover just the ransom amount, but also costs of recovery if the hackers fail to make good on unlocking the compromised systems.
The renaissance of ransomware attacks
Malwarebytes Labs reports that ransomware attacks were actually down in total in 2019, decreasing 6% from the previous year. However, the attacks are more sophisticated and more damaging. Attackers are more discerning about picking vulnerable targets, are using tools that make recovery efforts more troublesome, and are demanding larger sums in ransom.
Coveware, an international ransomware response…
