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Home / Insurance / Triple-I Blog | Allegations of ransomware have been rising in earnest since the pandemic began

Triple-I Blog | Allegations of ransomware have been rising in earnest since the pandemic began



During the last week of September, Universal Health Services Inc., one of the largest hospital chains in the United States, began taking some ambulances out of service due to disruptions caused by a ransomware attack. Universal said no patients were injured, but systems supporting medical records, laboratories and pharmacies were taken offline at about 250 facilities. become more sophisticated and their attacks broader.

While cyber insurance claims affected companies of all types and sizes, certain industries, including consumer companies (retail, hospitality and food), healthcare and financial services were more often the target of cyber attacks in the first half of the year. according to a recent report from Coalition, a provider of cyber insurance.

Overall, ransomware (41

percent), loss of money transfer (27 percent) and business email incidents (19 percent) were the most common types of loss – accounting for 87 percent of reported incidents and 84 percent of paid receivables during the first half of 2020.

“We have seen a sharp increase in redemption requirements during the last quarter as threat players have utilized COVID-19 and changes in the company's routines. Although the frequency of ransomware claims has decreased by 18 percent from 2019 to the first half of 2020, we have seen a dramatic increase in the severity of these attacks, "says the coalition report.

Because e-mail is the single most targeted hacker, taking some basic security measures via e-mail and implementing an anti-phishing solution would go a long way in protecting your business from criminals.

The coalition reports that cyber insurance for each processed claim played a critical role. role to help the insured recover operationally. For example, a nonprofit providing child and family service grants to other nonprofits was tricked into transferring $ 1.3 million to criminals. The coalition worked with law enforcement and the financial institutions involved to recover the stolen funds.


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