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Now's the time for insurance professionals and insureds to reexamine cybersecurity strategies and coverage.

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“Across industries, we continue to see high-profile attacks targeting organizations with weak or exposed infrastructure — which has become exacerbated by today’s remote working culture and companies’ dependence on third-party vendors,” Catherine Lyle, Coalition’s head of claims, said in a release. (Credit: Yurii Kibalnik/Adobe Stock) “Across industries, we continue to see high-profile attacks targeting organizations with weak or exposed infrastructure — which has become exacerbated by today’s remote working culture and companies’ dependence on third-party vendors,” Catherine Lyle, Coalition’s head of claims, said in a release. (Credit: Yurii Kibalnik/Adobe Stock)

Overall cyber incidents are down and ransomware attacks are on the decline as more demands are refuted, according to Coalition, Inc., which reported ransomware demands decreased from $1.37 million in 2021’s second half to $896,000 in the first half of 2022.

“Organizations are increasingly aware of the threat ransomware poses. They have started to implement controls such as offline data backups that allow them to refuse to pay the ransom and restore operations through other means,” Chris Hendricks, Coalition’s head of incident response, said in a release. “As ransomware is on the decline, attackers are turning to reliable methods. Phishing, for example, has skyrocketed – and only continues to grow.”

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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