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How the increase in ransomware has impacted the cyber insurance market

March 22, 2022

The Panaseer Team

Panaseer shares data on actions enterprises are willing to take to solve the escalating cyber insurance crisis.

In recent years the cyber landscape has been dominated by a sharp increase in ransomware attacks. According to SonicWall, ransomware attacks increased 105% in 2021 and Sophos’ report, the “State of Ransomware 2021,” revealed the average ransom paid is now $170,404 but remediation costs $1.85 million, ten times the size of the ransom payment, on average.

The increase in frequency and cost of ransomware attacks has made ransomware a board-level risk and put the cyber insurance industry under extreme pressure. This is evidenced by a recent survey Panaseer conducted with over 1,200 global enterprise security leaders – 84% of respondents said their Board now wants to understand their ransomware protection levels. As such, 91% of security leaders are reporting their ransomware protection levels to the Board. For 86% of security leaders, ransomware protection is a budgeted 2022 priority…

Read the full article from New York Tech Media.