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Ransomware attacks can be added to the list of things that have gotten more costly this year, right next to gas, eggs, and beef.
According to a recent report from cyber insurance provider Coalition, ransomware severity skyrocketed 68% in the first half of 2024 to an average loss of roughly $353,000. The uptick in cyber insurance claim costs came as the frequency of ransomware attacks fell to 0.28% in the same period (28 ransomware events for every 10,000 policyholders), down from around 0.31% during 2023.
The report examined claims data reported from January to the end of June, with Coalition defining a claim as an “adverse cyber matter reported by a policyholder that incurred a gross loss.”
Coalition also found that ransom demands increased by 1% in the first half of the year, with the average demand totaling $1.3 million. Demands from ransomware variants Play and BlackSuit were found to be more costly, with demands averaging $4.3 million and $2.5 million, respectively.
Year of the ransomware. Coalition’s findings come after a haunting first half of the year filled with high-profile ransomware attacks against companies such as CDK Global and Change Healthcare.
The findings also come at a time when the ransomware landscape is rapidly maturing. Druva CSO Yogesh Badwe previously told IT Brew that the industry is beginning to move past the days of a single ransomware group targeting one company as groups begin to collaborate with one another. IT Brew also reported that ransomware gangs are upping their game with doxxing and other physical threats to haggle funds from businesses.
Coalition said that malicious actors have continued to take a strategic approach in their use of ransomware.
“In general, ransomware has been fairly seasonal with consistent drop-offs in the summer months and spikes during winter holidays—a conscious attempt by threat actors to go unnoticed within a system at times when businesses are typically slower to react,” the report wrote.