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Ransomware payouts for U.S. businesses have exploded in the last two years, with large enterprises averaging payouts over $1M per event at the end of Q2 2020. (Photo: Mister x)

The statistics illustrating the explosion of ransomware over the past two years have become all too familiar for anyone with a stake in the insurance industry.

Attacks increased nearly 150% since COVID-19-induced work-from-home commenced and ransomware payouts for U.S. businesses have exploded in the last two years — from under $10K to more than $178K per event at the end of Q2 2020, with large enterprises averaging payouts over $1M. The full list of eye-burning statistics seems endless.

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