Cyber insurance ransomware claims decline but costs remain high

Research from commercial insurance provider Corvus reveals that the cost of ransomware to businesses remains high. Ransomware claims that resulted in payments to fraudsters are down though, mostly due to improved backup processes and greater preparedness. In the third quarter of 2020, 44 percent of ransomware claims involved a successful payment, but that decreased to just 12 percent by Q3 of this year. Ransomware attacks remain expensive, however, as the average cost of an attack for 2021 remains steady at $142,000. For technology vendors, a cyberattack linked to their products or services can result in major costs from defending lawsuits… [Continue Reading]