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"With ransomware again the number one cause of loss, we will be watching closely to see whether cyber policyholders, especially SMEs, deploy sufficient cybersecurity safeguards to reduce their ransomware exposure and qualify for ransomware coverage,” Mark Greisiger, NetDiligence president, said. (Credit: zephyr_p/Adobe Stock) “With ransomware again the number one cause of loss, we will be watching closely to see whether cyber policyholders, especially SMEs, deploy sufficient cybersecurity safeguards to reduce their ransomware exposure and qualify for ransomware coverage,” Mark Greisiger, NetDiligence president, said. (Credit: zephyr_p/Adobe Stock)

During the past five years, ransomware has accounted for 40% of total incident costs related to cyber claims made by small- and medium-sized enterprises (SMEs), according to a study by NetDiligence, which also found SMEs face an average ransom of $247,000, while the cost to recover from an incident is around $350,000 for these size businesses.

Ransomware accounted for 32% of all SMEs’ cyber claims going back five years, while hackers made up the second most with 10% of claims. These two were followed by business email compromises, staff mistakes and phishing, respectively.

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected], and on LinkedIn and Twitter.  

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