Quick Intelligence Blog

Today's rapidly evolving threat landscape makes underwriting cyber risk difficult. Cyber insurance applications are being evaluated more carefully because of the dynamic nature of cyber threats and the potential financial consequences of a data breach.

The growth of ransomware continues, leaving many cybersecurity experts to wonder if there will ever be an end? The numbers for 2021 do not paint a good picture. Sophos says the average ransomware payment has increased to $812,260 compared with the 2020 average of $170,000. Worse still, the number of ransoms over $1 million has risen to 11% up from 4% in 2020.

One of the biggest stories in cybersecurity has been the big increase in ransomware attacks. Even though ransomware is not a new threat, it seems that attacks are happening more frequently. Barracuda researchers reported that they’ve identified and analyzed 121 ransomware incidents so far in 2021, which is a 64% increase in attacks. The ransom demands are also getting bigger, with Palo Alto Networks’ Unit 42 finding the average ransomware payment had risen to $925,162.00 during the first 5 months of 2022. That is up 71% from 2021.

Businesses tend to think about insuring against typical things like theft, floods, and fire. Has your business ever considered insuring its data against theft? How about insuring your business against cyber attacks?

A new survey by the Canadian Internet Registration Authority (CIRA) says that nearly 70 per cent of Canadian organizations facing a ransomware attack last year paid the demands to avoid downtime, reputational damage and other costs. The interesting thing is that when they asked cyber security professionals if they supported legislation to make ransomware payments illegal, 64% said yes.

You’ve seen some of the headlines regarding big cyber security breaches. Colonial Pipeline paid a huge ransom to get their data back and get the gas flowing again. JBS Meat also suffered an attack that shut down production for days.

One of the biggest stories of 2021 has been the big increase in ransomware attacks. While not a new phenomenon, it seems that attacks are happening more frequently, with Barracuda researchers on reporting that they’ve identified and analyzed 121 ransomware incidents so far in 2021, a 64 percent increase in attacks. The ransom demands also keep getting bigger, with Palo Alto Networks’ Unit 42 reporting an 82% increase in the amount of the average ransom.

A Sophos study found that 44% of retail organisations were hit by a ransomware attack in 2020, and more than half of those affected (54%) said cyber criminals had succeeded in encrypting their data.

When you opened your business, you knew you needed some basic insurance, like fire and theft, but have you thought about cyber insurance? Wikipedia defines cyber insurance as, “a specialty lines insurance product intended to protect businesses, and individuals providing services for such businesses, from Internet-based risks, and more generally from risks relating to information technology infrastructure, information privacy, information governance liability, and activities related thereto.”