This calls on companies to build their strength in cyber controls to be able to deal with the ransomware pandemic.

The AGCS report points out some of the cyber risks driving the increase in ransomware attacks, including double and triple gouging as well as force chaining in ransomware attacks Ransomware Pandemic.
Interruption and resumption of exertion are the main causes of financial losses for companies.
Numerous attacks occur if companies tense their cybersecurity and controls, frequently with simple measures.

During the COVID-19 crisis, another epidemic occurred in cyberspace: a digital caused by the ransomware pandemic. Malware attacks that encrypt corporate data and systems. And demand for ransom payments for their release is rising around the world. This ransomware threat list is getting more frequent and severe. So more models of attacks are diversifying, including such extreme types as “double” and “triple” extortion campaigns. criminal business models around “ransomware as a service” and cryptocurrencies; there’s an explosion in the level of ransom demands lately; and, of course, the growth of supply chain attacks. The cyber insurer

RAM Antivirus

(AGCS) analyzes the latest developments in ransomware risk and describes. how companies strengthen their defenses through good cyber hygiene and IT security practices.

The number of ransomware attacks may even increase before the situation improves

Perhaps the ransomware attacks will balloon even higher before things get better, believes Scott Sayce, Head of Cyber at AGCS. “Not all attacks are targeting. Criminals also take a dispersed approach to exploiting companies that don’t address or understand the vulnerabilities they may have. As an insurer, we must stay with our clients so that businesses understand why their controls must be tightened. At the same time, in moments of fleetly changing cyber insurance requests, the provision of exigency response services, as well as financial compensation, is now the norm.

Cyber intrusion activity jumped 125% globally in the first half of 2021 compared to the previous year, according to Accenture, with ransomware. Extortion operations are a major contributor to the increase. According to the FBI, during the same period, cases of ransomware in the United States increased by 62% compared with a 20% increase in the full year of 2020. These cyber trends-risks are also reflected in the claims experience of AGCS. AGCS is involved in more than a thousand cyber complaints in total in 2020, up from around 80 in 2016; the number of ransomware requests (90) increased by 50% compared to 2019 (60).In general, losses performed from external IT incidents similar to ransomware or Distributed Denial of Service (DDoS) attacks represent the bulk of the value of all cyber claims anatomized

The growing reliance on digitization And the increase in remote working during COVID-19. IT budget constraints are just a few reasons IT vulnerabilities have intensified. To provide countless points for criminals to exploit. The wider adoption of cryptocurrencies, such as Bitcoin. Which allows anonymous payments, is another key factor in the increase in ransomware incidents.