A study by Dutch researcher Tom Meurs, based on 453 ransomware incidents from 2019-2021, has found that ransomware operators increase ransom demands by 2.8 times if a victim has cyber-insurance. In double-extortion cases, insured victims face quotes that average 5.5 times higher than those without coverage. The insurance typically indicates a financial backing for paying ransoms, which directly incentivizes higher demands from criminals. The study highlights a broader pattern where the ICT sector pays particularly high ransoms, emphasizing the need for improved cybersecurity strategies.
Ransomware operators significantly increase their demands when victims have cyber-insurance, with those insured facing 5.5 times higher quotes in double-extortion scenarios.
Dutch researcher Tom Meurs found that insured organizations pay ransom 44% of the time, double that of uninsured victims, illustrating the financial implications of cyber-insurance.
Cyber-insurance not only leads to higher ransom demands but also incentivizes criminals, creating a dilemma for companies torn between financial recovery and perpetuating the crime.
Over a third of successful ransomware attacks stem from phishing, indicating a pressing need for enhanced cybersecurity measures in the ICT sector.
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