More frequent and sophisticated ransomware threats: study

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Ransomware threats are more frequent and threat actors more sophisticated, according to a study released Wednesday by cyber risk and response firm NetDiligence.

“The increasing frequency and magnitude of losses caused by ransomware incidents is a major concern for insurers and organizations,” said the study from the Gladwyne, Pa., Company.

“We expect these numbers to continue to rise unless organizations focus on putting in place appropriate defensive controls and processes,” the study said, citing Tauseef Ghazi, national leader in counseling on health matters. security and privacy risk, for the consulting firm RSM US LLP. in Houston.

The study analyzed 5,797 complaints resulting from incidents that occurred between 2016 and 2020.

Nearly 1,500 of them were linked to ransomware, of which 55% in 2019 and 2020, representing the highest number of complaints, according to the study.

The report found that ransomware requests averaged $ 146,000, while total incident costs averaged $ 179,000.

Ransomware incidents accounted for 79% of claims with loss of business interruption, according to the study. Business interruption costs related to ransomware incidents in 2020 averaged $ 489,000, with the total cost of the incident averaging $ 975,000.

Ransomware incident recovery expenses in 2020 averaged $ 107,000, with the total cost of these incidents averaging $ 427,000.


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