Ransomware Attacks in Insurance

Ransomware attacks are surging within the insurance industry, with 73% of organizations reporting at least one successful attack in 2022. The financial toll is steep, with the average ransom demand soaring to $1.62 million in the first half of 2023. High-profile ransomware variants like Royal, BlackCat, and LockBit 3.0 were implicated in nearly 1 in 5 cyber incidents involving insurance claims.

To combat these growing threats, organizations must bolster their cybersecurity defenses. Proactive measures such as regular employee training, advanced threat detection systems, and comprehensive incident response plans are vital to mitigate the risk and impact of ransomware threats.

View the latest ransomware attacks on the Insurance sector: