Ransomware still a “top cyber risk” for global firms
Ransomware attacks remains a top cyber risk for organizations globally, said insurance firm Allianz Global Corporate & Specialty (AGCS).
In its latest report, AGCS revealed that ransomware attacks grew two fold in 2021 to a record 623 million with Europe receiving the highest number of attacks.
Although frequency reduced by 23% globally during the first half of 2022, AGCS expects ransomware to cause $30bn in damages to organizations globally by 2023.
The firm added that the value of ransomware claims the company was involved in together with other insurers, accounted for well over 50% of all cyber claims costs during 2020 and 2021.
AGCS Global Head of Cyber and Cyber Centre of Competence Group Head Scott Sayce said that the “cyber risk landscape doesn’t allow for any resting on laurels. Ransomware and phishing scams are as active as ever and on top of that there is the prospect of a hybrid cyber war.”
While most companies will not be able to avoid a cyber attack, Sayce stated that “organizations with good cyber maturity are better equipped to deal with [these] incidents.”
