Insurers say ransom-related claims rose sharply in the first half of 2023, the Wall Street Journal reports in this article (paywall may apply).
“Along with the rise in claims related to ransomware, the total amount paid to attackers has also increased, said Vishaal Hariprasad, Resilience’s chief executive. Citing figures from Chainalysis, which specializes in blockchain analytics, he said that victims are on track to pay hackers around $900 million by the end of 2023 [Cyber Insurance News note: Well above 2022 levels, according to Chainalysis], despite generally lower rates at which victims do pay ransoms… ‘This will be one of the most financially damaging years,’ he said.
Coalition said the severity of its claims reached record highs, with the average loss amount at around $365,000 in the first half of 2023, compared with around $227,000 for the previous six months.”