While ransomware showed signs of decline in 2022, according to Delinea’s latest State of Ransomware Report, its devastating consequences mean there is no respite in the requirement for cyber insurance.
The report found that only 25% of surveyed organisations were victims of ransomware attacks in 2022. This is a stunning decline from the previous 12-month period when 64% of respondents reported being victims.
But the consequences of ransomware attacks are now more tangible, with more respondents reporting lost revenue (56%) and customers (50%) in 2022 compared to the previous year.
The bottom line is most organisations still need cover. Another Delinea report reveals that around 70% of surveyed organisations have applied for cyber insurance. Nearly 80% of organisations with cyber insurance have had to use it, and more than half of those used it multiple times.
But getting cyber insurance is not a one-size-fits-all exercise. Insurance companies assess each organisation on an individual basis. They want to understand the risks and potential damages, and how well protected the organisation is from cyber attacks.
With the price of cyber insurance rising even…
