Marsh reports claims were up 77% in Q1 2023 compared with the previous quarter. Resilience reports the same trend.
“One possible explanation for the resurgence is that ransomware purveyors based in Russia are now recalibrating after being temporarily preoccupied with the country’s war against Ukraine, which has involved the use of cyber attacks, (Amanda Bevilacqua, Resilience’s director of security engagement and claims) told CFO Dive.
‘Money speaks louder than politics,’ she said. ‘The theory is that those operators have run out of money, and they’re back now looking to fund their operations.'”
The figures follow a downward trend in 2022 that had been credited with helping to moderate skyrocketing premiums in the cyber insurance market.
Source: Ransomware claims see 77% spike in early 2023