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Ransomware demands rise sharply in H1: coalition



Demands for ransomware attacks have increased sharply with the COVID-19 pandemic, says a report issued on Thursday.

The cyber insurance and security company Coalition Inc., which serves small and medium-sized organizations, said in its report that although the claims rate is low, "redemption requirements are higher and the complexity and cost of remediation grows", with average demand among policyholders increased 100 % from 2019 to the first quarter and by a further 47% from the first quarter of the year to the second quarter.

Among other survey results, the San Francisco-based company said there has been a 35% increase in transfer fraud and social security claims from coalition policyholders since the pandemic began.

The report states that the root cause of these incidents includes business email compromise, invoice manipulation and domain spoofing, although there were reports of social engineering attempts over the telephone as well. [1

9659002] The report said that about 2% of its policyholders have experienced a cyber incident that resulted in the payment of damages.

More insurance and risk management news about the coronavirus crisis here .

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