{"id":65530,"date":"2023-04-25T13:14:30","date_gmt":"2023-04-25T02:14:30","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=65530"},"modified":"2023-04-25T13:14:30","modified_gmt":"2023-04-25T02:14:30","slug":"firms-with-cyber-insurance-attacked-more-often","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2023\/04\/25\/firms-with-cyber-insurance-attacked-more-often\/","title":{"rendered":"Firms With Cyber Insurance Attacked More Often"},"content":{"rendered":"

A new report states that more than three-quarters (77%) of organisations with cyber insurance were hit by at least one successful ransomware attack in the past 12 months, compared to 65% of organisations without cyber insurance.<\/p>\n

\u201cThis could mean cybercriminals are more likely to target organisations with insurance, in the belief that the insurers will be willing to cover the ransom cost to speed up recovery,\u201d states the 2023 Ransomware Insights<\/a> report from IT security firm Barracuda<\/a> (also see: Three Stages of Cyber Security<\/a>).<\/p>\n

The report adds that while cyber insurance companies can help negotiate ransom payments, or even provide the funds for the payment, multiple exclusions within their policies often mean companies will still face a very large bill.<\/p>\n

\"\"<\/a>
Download the report.<\/figcaption><\/figure>\n

More than a quarter (27%) of the organisations who took part in the survey say they are not fully prepared to deal with a ransomware attack.<\/p>\n

When it comes to financial services firms, researchers found:<\/p>\n

    \n
  • 29% had suffered one attack<\/li>\n
  • 35% had been attacked twice<\/li>\n
  • 11% had experience three or more attacks<\/li>\n<\/ul>\n

    The report\u2019s authors conclude that repeat victims are more likely to pay the ransom to recover encrypted data.<\/p>\n

    \u201cA successful ransomware attack will usually encrypt valuable data within an organisation,\u201d say the authors.<\/p>\n

    \u201cA full 95% of surveyed organisations that have experienced a successful ransomware attack in the last 12 months reported that their data was encrypted (by the attacker), causing major disruption to their business.<\/p>\n

    \u201cOverall, only 1% lost the encrypted data, 34% chose to pay the ransom, and 52% used their backup systems to get the data back.\u201d<\/p>\n

    …For 69% of organisations, ransomware attacks started with a malicious email…<\/p><\/blockquote>\n

    For 69% of organisations, ransomware attacks started with a malicious email, and for slightly larger companies with more than 250 employees, the percentage is higher than average (75%).<\/p>\n

    \u201cSince 2019, we\u2019ve seen some very high-profile ransomware attacks that have resulted in significant financial losses,\u201d states the report.<\/p>\n

    \u201cThe extensive publicity surrounding these attacks likely resulted in many organisations investing in their security and preparing for potential ransomware attacks.\u201d<\/p>\n

    Survey participants were from the US, Australia, India, and Europe.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

    A new report states that more than three-quarters (77%) of organisations with cyber insurance were hit by at least one successful ransomware attack in the past 12 months, compared to 65% of organisations without cyber insurance. \u201cThis could mean cybercriminals are more likely to target organisations with insurance, in the belief that the insurers will […]<\/p>\n","protected":false},"author":24,"featured_media":65536,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8285],"tags":[],"class_list":["post-65530","post","type-post","status-publish","format-standard","has-post-thumbnail","category-cyber-security"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/65530","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=65530"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/65530\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/65536"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=65530"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=65530"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=65530"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}