At-Bay, the InsurSec provider for the digital age, today released its 2024 InsurSec Report, which details new trends in ransomware attacks against mid-market and emerging businesses. One major finding...
New Annual InsurSec Report Provides Detailed Anatomy of Ransomware Attacks; Reveals Ransomware Didn’t Just Grow in 2023, It Evolved
Key News Highlights
SAN FRANCISCO: At-Bay, the InsurSec provider for the digital age, today released its 2024 InsurSec Report, which details new trends in ransomware attacks against mid-market and emerging businesses. One major finding from the report, which analyzes At-Bay’s ransomware claims data from 2022 to 2023: Ransomware didn't just grow in the US in 2023, it evolved, with the frequency of ransomware claims jumping 64% year-over-year. This was primarily driven by an explosion in “indirect” ransomware incidents which increased by more than 415% in 2023 than in 2022. Standing out among the biggest loss drivers were remote access tools, which accounted for 58% of ransomware attacks. Double leverage attacks - those using both data encryption and exfiltration - also grew by 51% in 2023, demonstrating that threat actors shifted their tactics to pressure more victims into paying ransoms.
“Vulnerabilities in remote access products continue to drive too many successful ransomware attacks," said Rotem Iram, CEO and Co-Founder of At-Bay. “Technology providers and cybersecurity professionals must prioritize securing the perimeter by default and improving response to emerging threats, understanding that small businesses are unlikely to be able to solve those on their own.”
Key findings from the report:
"Too often, real-world data on cyber risk and its correlation with financial losses is inaccessible to businesses," said Tara Bodden, General Counsel and Head of Claims at At-Bay. "As an InsurSec provider, our visibility into both empirical claims and cyber research data uniquely enables us to surface meaningful correlations with great accuracy. We're committed to increasing transparency in the security ecosystem by sharing our data insights, and better enabling organizations to deploy their scarce cybersecurity resources for maximum impact."
To download the full 2024 InsurSec Report from At-Bay, and learn how organizations can better protect themselves from ransomware attacks, visit: At-Bay’s 2024 InsurSec Report.
Additional At-Bay reports:
About At-Bay
At-Bay is the InsurSec provider for the digital age. By combining world-class technology with industry-leading insurance and security expertise, At-Bay was designed from the ground up to empower businesses of every size to meet cyber risk head on. The At-Bay Group includes a cybersecurity company and a full-stack insurance company. As an insurance provider, At-Bay offers Cyber, Tech E&O, and Miscellaneous Professional Liability policies. As a security company, At-Bay offers proprietary security solutions including At-Bay Stance Managed Detection & Response (MDR).
At-Bay is backed by Acrew Capital, Glilot Capital, the HSB fund of Munich Re Ventures, Icon Ventures, ION Crossover Partners, Khosla Ventures, Lightspeed Venture Partners, M12, entrepreneur Shlomo Kramer, and Qumra Capital. www.at-bay.com
Fonte: Business Wire
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