Severity of ransomware attacks increases by 68 percent

A new report from insurance provider Coalition finds that that ransomware claims severity spiked by 68 percent in the first half of 2024 to an average loss of $353,000. While high ransomware demands have come back into vogue, funds transfer fraud (FTF) has also seen a notable decrease in both frequency (two percent) and severity (15 percent). 'Although the frequency of using ransomware as an attack strategy actually decreased thishalf, we saw a marked spike in the severity and demand amounts, especially thoseassociated with the Play and BlackSuit ransom variants,' says Rob Jones, Coalition's head ofclaims. 'Despite the increase, we… [Continue Reading]