Reinsurance News

Volume of ransomware & extortion attacks to continue in 2023: CyberCube

7th March 2023 - Author: Jack Willard

In a new report from CyberCube, the risk analytics specialist anticipates that there will be further attempts to compromise IT supply chains and geopolitical targets such as government agencies and non-government organizations​.

In CyberCube’s Global Threat Briefing, the firm identifies areas that the re/insurance and broking community needs to focus on to help cope with the increasing surge of cyber-attacks.

One of the major highlights of the report was that CyberCube predicts that the overall volume of ransomware and extortion attacks in H1 2023 is likely to be on par with 2022.​

However, this prediction may not come true as ransomware revenue has seen a decrease as more victims are refusing to pay.

Additionally, CyberCube noted that the majority of Ransomware-as-a-Service (RaaS) gangs are likely to target smaller, midmarket organizations.

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The report also states that there will be increased targeting of critical civilian infrastructure in Ukraine. In their H2 2022 Global Threat Briefing, CyberCube highlighted both the ongoing Ukraine & Russia conflict, and ransomware attacks as being the big risks within cyber insurance.

Furthermore, the report warns that Healthcare, Arts & Entertainment, and Manufacturing​ are sectors demonstrating high exposure and low security​ scores, with Healthcare in particular remaining under-secured relative to its inherent exposure.

William Altman, report author and Cyber Threat Intelligence Principal, said: “As Russia faces mounting losses, attacks on critical Ukranian civilian infrastructure could intensify. This includes attacks on Public and Local Authorities. Cyber security will be critical to defending civilian life, including in the energy, financial, communications, and vital software sectors in Ukraine.”

Yvette Essen, CyberCube Head of Content, added: “Despite rising costs, most cyber insurance buyers are trying to maintain or increase their current level of cyber insurance coverage. Today, this trend has caused some strain in a market that continues to be characterized by limited capacity and increased demand. Nevertheless, the cyber (re)insurance market is showing signs of stabilization.”

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