Severity of ransomware attacks increases by 68 percent

Quick Summary:

A new report from insurance provider Coalition finds that that ransomware claims severity spiked by 68 percent in the first half of 2024 to an average loss of $353,000.

While high ransomware demands have come back into vogue, funds transfer fraud (FTF) has also seen a notable decrease in both frequency (two percent) and severity (15 percent).

"Although the frequency of using ransomware as an attack strategy actually decreased thishalf, we saw a marked spike in the severity and demand amounts, especially thoseassociated with the Play and BlackSuit ransom variants," says Rob Jones, Coalition's head ofclaims.

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Article Details

Author / Journalist: Ian Barker

Category: Technology

Markets: United States

Topics: Cybersecurity Cyber insurance Ransomware Cyberattack Article

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-10 @ 14:05:50 (12 hours ago)

News Timezone: GMT +8:00

News Source URL: betanews.com

Language: English

Article Length: 386 words

Reading Time: 3 minutes read

Sentences: 17 lines

Sentence Length: 23 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © BetaNews

News ID: 22980714

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