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Ransomware Losses, Frequency Rise: Howden



Ransomware’s loss frequency and severity have resulted in the cost of coverage almost doubling from last year, says a report released on Monday.

London-based Howden Broking Group Ltd. said in its report that the annual number of globalized ransomware incidents increased by 235% in 2021 compared to 2019, and average US redemption payments increased by 370% over the same period. It cited data from San Jose, California-based cybersecurity firm SonicWall Inc. and ransomware incident response firm Westport, Connecticut-based Coveware Inc.

The number of brokers reporting rising demand has increased by 89%, while the number of brokers reporting claims increased by 72%, according to the Washington-based Council of Insurance Agents & Brokers, according to the report.

Shay Simkin, Howden̵

7;s global cyber chief, said in a statement that although market conditions remain difficult, “two potential tailwinds could help companies and insurance companies as this year progresses.”

He said the first is “on the back of more favorable ransomware trends following insurance and risk management measures taken in response to increased ransomware frequency and severity. Companies are more resilient to ransomware attacks today than they were this time last year. ”

He said the Ukraine conflict “seems to have further dampened the cyber frequency so far as both warring sides focus their efforts on conventional warfare”, although this could change if there was a ceasefire, for example.


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