How Ransomware is Disrupting Cyber Insurance
Cyber insurance has evolved dramatically over the years. Its evolution represents the shifts in risks, technology, and regulation. Increasingly frequent and severe ransomware attacks have had a seismic impact on the cyber liability policy in particular.
2014, dubbed “The Year of the Retail Breach”, saw major cyberattacks on retailers, such as Target, Neiman Marcus, and more. Then, in 2015, a series of severe attacks on healthcare providers, such as Excellus BlueCross BlueShield and Premera Blue Cross, crowned the year “The Year of the Healthcare Breach”. The cyber security trends of this year indicate that 2020 is set to be the “The Year of Ransomware”.
Ransomware activity has dramatically outpaced data breaches and privacy event activity this past year. In fact, the number of ransomware incidents has risen by 486% from Q1 2018 to Q4 2020. And while ransomware has been rising, data breaches or privacy events appear to have dropped in 2020, down 60% for the first decline in five years.
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