Cyber Insurance Claims Spike With Major Attacks, But Ransomware Costs Down Sharply From 2020

While ransomware remains a plague on organizations around the world, a new report from commercial insurance firm Corvus indicates that ransomware costs are being cut considerably due to better preparedness.

And though cyber insurance claims spiked in early 2021 due to the Microsoft Exchange vulnerability, they have been on a steep downward trend since.

The Corvus Risk Insights Index is a new study, but one that is planned to be released quarterly. This inaugural Q4 2021 edition draws from the company’s claims database, proprietary security scanning technology and select third-party sources.

Though it may seem an obvious point, the report drives home that improvement of basic security fundamentals leads to significant immediate improvements.

An increased awareness of both email security and proper backups appears to be putting a dent in ransomware costs even as the criminal industry surges globally and ransom demand amounts increase.