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Cyber claims: Stabilization trend threatened by mass attacks and data exfiltration

Ransomware and extortion-based attacks account for more than 80% of claims against standalone cyber policies.

By Michael Daum and Marisa Anthony | November 09, 2023 at 01:39 AM
In addition to extortion claims, there has also been an uptick in the number of data privacy claims in the U.S. related to biometric information, such as voice or fingerprint data, as organizations increasingly capture this information to improve online security. Credit: NicoElNino/Adobe Stock In addition to extortion claims, there has also been an uptick in the number of data privacy claims in the U.S. related to biometric information, such as voice or fingerprint data, as organizations increasingly capture this information to improve online security. Credit: NicoElNino/Adobe Stock

Improvements in cybersecurity and business continuity are helping to combat encryption-based ransomware attacks, yet the cyberthreat landscape is continually evolving. This year has seen a worrying resurgence in ransomware and extortion claims, resulting in an uptick in costly incidents. Although progress is being made, this spike in attacks demonstrates that the threat posed by ransomware shows little sign of abating.

Reports note that the number of ransomware victims surged by as much as 143% globally during the first quarter of 2023 with January and February seeing the highest number of hack and leak cases in three years. Ransomware alone is projected to cost its victims approximately $265 billion annually by 2031.

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