Reinsurance News

Reports of ransomware attacks surged 105% in Q1: Beazley

28th May 2019 - Author: Charlie Wood

Ransomware attacks surged 105% in the first three months of 2019 when compared against the same period in 2018, with attackers shifting their focus to larger organisations able to pay high ransom amounts, according to a report by Beazley.

cyber-attackWhile ransomware-as-a-service (RaaS) attacks remain commonplace and tend to hit unsuspecting small businesses, sophisticated attack groups associated with Ryuk and Bitpaymer ransomware variants are reportedly targeting larger organisations through phishing emails and tricking users into deploying banking Trojans.

In the first quarter of 2019, Beazley states that the average ransomware demand reported to its Beazley Breach Response Services team was 93% higher than the 2018 average.

And, according to incident response firm Coveware, the average price of ransoms in Q1 2019 increased by 89% when compared to Q4 2018.

Bill Siegel, Chief Executive Officer of Coveware, attributes the increased number of attacks to two main factors.

“First, anytime the average ransom demand goes up, it’s going to pull in more attack groups interested in making money,” Siegel said.

“Second, the easy availability of exploit kits (such as banking Trojans) and RaaS means there is a lower barrier to entry for would-be hackers.”

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous article:
Lockton appoints Jane Baron to lead Birmingham office

Re/insurance broker Lockton has announced the appointment of Jane Baron as Head of its Birmingham office. She joins with over...