Decline in ransomware claims could spark change for cyber insurance

New data highlighting fluctuations relating to ransomware attack and payment claims indicates significant shifts in the cyberthreat landscape. Could such variations trigger changes in the cyber insurance market and, if so, how will they impact insurance carriers and organizations?

Shifting ransomware priorities impacting claim costs

The findings come from Corvus Insurance’s Risk Insights Index, which analyzes cyber risk mitigation and claims data, with the commercial insurance firm’s data suggesting that the costs associated with ransomware claims are notably shifting. It discovered that while there was a rise in ransomware claims from Q2 2020 through Q1 2021, they dropped by 50% in Q2 2021, a trend that largely sustained through Q3 2021. Furthermore, ransomware claims resulting in a ransom payment shrank from 44% in Q3 2020 to just 12% by Q3 2021.

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