Ransomware threats are becoming more common and threat players more sophisticated, says a study published on Wednesday by the cyber risk and response company NetDiligence.
"The increasing frequency and magnitude of losses caused by ransomware incidents is a major concern for insurance companies and organizations," says the study by Gladwyne, the Pennsylvania-based company.
"We expect these numbers to continue to evolve. in an upward direction unless organizations focus on deploying appropriate defensive controls and processes, "says the study, citing Tauseef Ghazi, national leader in security and privacy risk consulting for the consulting firm RSM US LLP in Houston.
The study analyzed 5,797 statements that stems from incidents that occurred between 201
Almost 1500 of these were related to ransomware, with 55% occurring in 2019 and 2020, representing the largest number of claims, according to the study.
The report found that ransomware requires avera generated $ 146,000, while the average incidental cost was $ 179,000.
Ransomw are incidents accounted for 79% of the claims with a business interruption, the study found. Business interruption costs in ransomware incidents in 2020 averaged $ 489,000, with the total cost averaging $ 975,000.
Recovery costs for ransomware incidents in 2020 averaged $ 107,000, with the total cost of these incidents averaging $ 427,000.