A report published Thursday by cyber insurance firm Coalition reveals that while its customers filed fewer cyber claims in the first half of 2024 than in the same period in 2023, the size of those claims grew 14% — to a loss. average of $122,000. The increase in losses was “driven by an increase in ransomware severity,” the company said, adding that threat actors “targeted larger companies and reaped the benefits with larger paydays.” Other reports show that ransomware gangs made at least $400 million in the first half of 2024 from ransom payments.
The average loss in ransomware claims was $353,000 — a 68% increase compared to the same period last year, the Coalition said.
The report isn’t all bad news: Ransomware claims at companies with revenue between $25 million and $100 million have declined over the past 12 months, although the Coalition expects that number to rise again during the winter months, which typically expect an increase in hacker activity. Additionally, ransomware gangs are showing a willingness to negotiate significantly smaller ransoms — often for less than half the original demand.
The average ransom request in the first half of 2024 was $1.3 million, but certain groups, like Play and BlackSuit, are known for higher average ransom requests — often above $2.5 million. About 40% of all Coalition policyholders paid ransoms after a ransomware attack.
While ransomware caused especially costly complaints, the report noted that business email compromise (BEC) was still the top type of cyber event that companies filed complaints about, accounting for nearly a third of all complaints reported in the first half of 2024. BEC, ransomware and funds transfer fraud together accounted for nearly 75% of all claims reported in the first half of 2024.
See the original post at: CisoAdvisor
