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- Trend snippet: Cybercrime, and specifically ransomware, is growing exponentially
Trends in Security Information
The HSD Trendmonitor is designed to provide access to relevant content on various subjects in the safety and security domain, to identify relevant developments and to connect knowledge and organisations. The safety and security domain encompasses a vast number of subjects. Four relevant taxonomies (type of threat or opportunity, victim, source of threat and domain of application) have been constructed in order to visualize all of these subjects. The taxonomies and related category descriptions have been carefully composed according to other taxonomies, European and international standards and our own expertise.
In order to identify safety and security related trends, relevant reports and HSD news articles are continuously scanned, analysed and classified by hand according to the four taxonomies. This results in a wide array of observations, which we call ‘Trend Snippets’. Multiple Trend Snippets combined can provide insights into safety and security trends. The size of the circles shows the relative weight of the topic, the filters can be used to further select the most relevant content for you. If you have an addition, question or remark, drop us a line at info@securitydelta.nl.
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Cybercrime, and specifically ransomware, is growing exponentially
- By 2025, Global cybercrime damage costs are expected to reach $10.5 trillion.
Global ransomware damage costs are predicted to reach $20bn in 2021, up from $325m in 2015.
- By 2021 a ransomware attack on businesses is predicted every 11 seconds.
- AIG has seen an increase of more than 150% in frequency of ransom and extortion claims notifications since 2018.
- All sizes of company are impacted by ransomware, across all types of industries.
Ransom and extortion claims accounted for 1 in every 5 cyber claims in 2020, up from 1 in every 10 claims in 2018.
Ransomware is rapidly evolving, fueled by the rise of ransomware as a service (RaaS), data exfiltration prior to encryption, and deeper, more invasive attacks.
Global ransomware damage costs predicted to reach $20bn in 2021, up from $325m in 2015. Ransomware is a dynamically evolving risk, impacting organizations around the world with rapidly increasing loss frequency and severity. AIG's insights are intended to focus conversations around loss preparation and risk management, and help guide well-informed cybersecurity investments. Cybercrime, and specifically ransomware, is growing exponentially. Ransomware is rapidly evolving, fueled by the rise of: Sophisticated cyber resilience is imperative, and companies need to continuously adapt in this changed threat environment. Ransomware: a call for enhanced resiliency A ransomware attack on businesses predicted, by 2021. By 2025, Global cybercrime damage costs expected to reach $10.5trillion 11 seconds Every $325m $20bn 2015 2021 The demand and cost for forensics, recovery, legal counsel and other response services is at an all-time high given the volume of attacks. Network outages and business interruption are lasting longer. AIG observed a typical outage length of 7-10 days from global ransom & extortion claims. 7-10 Days Ransomware as a Service (RaaS) data exfiltration prior to encryption deeper, more invasive attacks Cyber Source: Cybersecurity Ventures Data sourced from AIG cyber claims analysis, Q3 2020 Ransomware claims have increased significantly in frequency and severity in recent years and continue to evolve. AIG has seen an increase of more than 150% in frequency of ransom and extortion claims notifications since 2018. Losses may impact multiple coverage sections: extortion, event management, network interruption, security & privacy. 150% Increase in frequency 1 in 5 Increased XS policy ransom & extortion claims notifications in U.S. Ransomware: a call for enhanced resiliency Ransom and extortion claims accounted for 1 in every 5 cyber claims in 2020, up from 1 in every 10 cyber claims in 2018. Demand values can be in the tens of millions of dollars with payments varying depending on the characteristics of the attack. =