Cyber Attacks — Growing More Severe in 2024

Coalition Inc. is a cyber insurer. It issued a report a couple of weeks ago on cyberattacks and found the same kind of problems and number of attacks on businesses that other reports have noted.

Leading the pack are ransomware and emails leading to successful system attacks. Rob Jones of Coalition said the severity of the attacks and the average loss per attack jumped by 14% compared to the same time period a year ago. The average is now $122,000 per incident.

Ransomware is the biggest hit for larger businesses and the average cost per incident rose by 68% to $353,000.

Overall claims severity increased by 14% compared with the same period last year to an average loss of $122,000, primarily driven by a spike in ransomware severity as hackers and criminals targeted larger businesses.

“The use and impact of ransomware remains as volatile as ever,” Jones said. “We saw a marked spike in the severity and demand amounts.”

Business email compromises (BEC) rose by 4% and they account for a third of all cyber insurance claims. It’s higher than 2023 but not by much. It is — however — the largest number of attacks. They account for 32% of all incidents. Funds transfer fraud is second at 27% and ransomware is third at 18%.

Businesses with more than $100 million in revenue saw attacks shoot up by 140% and now have an average loss of $307,000. Companies with incomes of $25 million to $100 million had an increase of 23% and average losses totaling $129,000.

Incomes under $25,000 saw a 4% jump and an average loss of $73,000.

Health organizations took the biggest hit with 92% of them getting at least one cyber attack in the past 12 months. That’s up from 88% in 2023. Patient healthcare was compromised in 69% of those attacks.

Source link: Business Insurance — https://bit.ly/3zYqEVf

Source link: Insurance Journal —  https://bit.ly/4eRJ4WR

Source link: Becker's Health IT — https://bit.ly/4hdLlgu