Coinnect presents Ransomware Intelligence Global Report 2023

Ransomware Intelligence Global Report 2023, a comprehensive overview of ransomware attacks recorded by global organizations in 2021 and 2022

• The research it shows that in the last two years worldwide ransomware attacks they have become increasingly frequent and increasingly sophisticated, thus representing a of the top reasons for concern for organizations each Thee;
• This situation also affects the insurance sector, with the companies forced ad face up to several issues about to the evaluation of the risks of their customers and determining the potential impact of an attack;
• Just by matching solutions proactive to policies, the insurance industry can provide a Comprehensive approach to cyber risk management, contributing to protect the organizations from the potentially devastating consequences of a ransomware attack.

Research

Which companies are most affected by ransomware attacks in 2021 and 2022?

In which geographical areas?

And in which sectors?

These are, in summary, some of the questions he intends to give an answer Coinnect, a start-up that develops cyber insurtech solutions, through the Ransomware IntelligenceGlobal Reports 2023, a search that It provides a complete overview of the attacks ransomware registered by world organizations in 2021 and 2022, through data collected aggregates related to attacks to "double extortion" extracted from the Dark Web with Coinnect's proprietary platform.

More frequent and sophisticated attacks

The research, in particular, shows that during 2021 and 2022 globally ransomware attacks are become increasingly frequent and sophisticated, thus representing a of the main problems for le organizations di all size. These attacks provide the encryption of a company's data e the request for a payment of a ransom in exchange for the decryption key ed have Than we a significant impact on company, both from a financial point of view, that operational, with a loss of revenue, damage to reputation and, in some cases, permanent loss or dissemination of confidential data.
The analysis shows that small and medium enterprises are the most targeted: both in 2021 and 2022, the majority of attacks affected organizations with fewer than 1.000 employees and about 60% of companies targeted in 2021 and 2022 have fewer than 250 employees. Even considering the turnover, both in 2022 and 2021 the companies with consolidated revenues between 1 and 50
million account for about 60% of attacks.

The most affected geographical areas

At the level of geographical areas, North America confirms itself in first place worldwide by number of attacks, though is also the area that recorded the greater drop between 2021 and 2022 (-10%). Europe follows with 26,73% of the attacks in 2021 and 29,73% in 2022 and Asia with 9,82% in 2021 and 15,41% in 2022. Even considering the main ransomware groups - in
particolare Lockbits, BlackCat e Accounts - 2021 ransomware groups targeted North America in 48, up from 57 in 2022; Europe by 48 ransomware groups, up from 51 in 2022 - with UK, Germany, Italy, France and Spain that weigh more than 70% of these attacks -; and Asia has been attacked by 45 ransomware groups in 2021, which they became 51 in 2022. Finally, Russia also recorded a 2022% increase in ransomware attacks in 9 compared to 2021.

The Sectors Most Affectedi

As for the sectors, the most affected in 2021 was that of Consumer Goods with 28,1% of the attacks, followed by that of Industrial Goods with 25,08% and that of Health with 7,4%; as regards 2022, however, the sector most affected was that of Industrial Goods with 32% of attacks, followed by Consumer Goods with 24,9% and the IT sector with 10,6%.
Overall, Coinnect's Ransomware Intelligence Global Report 2023 demonstrates that the frequency of attacks has increased in recent years and that the trend shows no signs of slowing down.
Ransomware is therefore the leading cause of cyber insurance claims today and this trend is expected to continue in the future. One of the main reasons is that ransomware attacks are becoming more sophisticated: attackers are using increasingly advanced techniques to evade detection and encrypt corporate data, making it increasingly difficult for organizations to prevent and recover from attacks, increasing the likelihood of ransom note success. Another reason is that many small and medium-sized businesses are particularly vulnerable to ransomware attacks, lacking the resources and expertise to effectively protect themselves. This makes them an attractive target for attackers, who know these companies are more likely to pay the ransom to regain access to their data.
This situation then affects the insurance sector, with companies facing increasing difficulties in assessing the cyber risks of their customers and determining the potential impact of a ransomware attack which must be assessed based on a number of factors such as the type of encrypted data, the affected systems, the organization's ability to recover from the attack, etc. Additionally, as the number of claims related to ransomware attacks increases, insurance companies are forced to charge ever higher premiums to cover the cost.

The role of the insurance sector

The insurance industry certainly plays an important role in helping organizations mitigate and respond to these risks, and insurance policies that cover cyber attacks are becoming increasingly important. However, the insurance industry must, in turn, also take proactive steps to assess and mitigate the cyber risk of its customers. This includes providing technical solutions for proactive risk assessment and mitigation, with the goal of helping organizations identify, mitigate and respond to potential vulnerabilities and attacks. Only by pairing these solutions with insurance policies can the insurance industry provide a comprehensive approach to cyber risk management, helping to protect organizations from the potentially devastating consequences of a ransomware attack.

For any further information, the complete search is available at the following link:
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