InsurTech Center

Ransomware: A growing threat to organizations of all sizes

This year's uptick in ransomware attacks is problematic for insurance professionals and policyholders alike. Here's how to respond.

By Lauren Winchester | December 08, 2020 at 05:00 AM

The graph above represents claims that were received between late-April and early-September 2020. (Provided for publication by Corvus Insurance)

During 2020′s increased remote working environment, there has been a drastic uptick in the number of ransomware attacks. It follows that ransomware claims are continuing to grow in frequency and severity, according to Coveware.

The average ransomware demand was $233,817 in Q3 2020, up 31% from Q2 2020 alone.

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