Cyber Insurance Blog

Ransomware is one of the fastest-growing cybersecurity threats. Globally, more than 68% of organizations were victimized by such attacks in 2021. In ransomware attacks, hackers seize computer systems and encrypt files until the owner pays up. In 2021, victims paid, on average, a ransom of $170,404, according to cybersecurity firm Sophos. The most common ransom amount was $10,000. The highest…

When businesses think about protecting themselves from cyber attacks, they may worry most about how to respond to threats “out there” on the web. But focusing closer to home is the first and one of the most effective protection strategies they can take. Why? Because nearly 70% of all breaches begin at endpoints—the network-connected servers and devices an organization’s personnel…

Ransomware is not a novel form of criminal activity. For years, cyber criminals have been extorting money from all types of people and businesses by leveraging stolen or compromised digital assets. But why are ransomware attacks becoming more and more frequent? How did they evolve to the point where, in 2020 alone, cyber criminals made more than $350 million from…

Over the past decade, the number of data breaches in the US has skyrocketed. The global economy has seen a massive move to online business, and COVID has only accelerated this change. As a result, businesses and organizations large and small are more vulnerable than ever to cyber attacks, and cyber criminals have never found hacking more lucrative. When organizations…

Ransomware continues its relentless rise. The first half of this year saw a 151% increase over the first half of last in ransom demands, reports Threatpost. And this type of cyber attack is growing in complexity as well as frequency. More ransomware now uses double, triple, even quadruple extortion techniques. As payouts climb—by mid-2021, the average payment had reached $570,000—and…

Throughout the COVID-19 pandemic, the tech industry not only proved resilient but also thrived in many sectors. The United States is the largest tech market in the world, making up 33% of the entire global market. Despite tech companies’ in-depth knowledge of IT and cyber systems, they’ve become lucrative targets for cyber criminals. Cyber Insurance for technology companies has never…