If you were unable to attend the incredible Zywave Cyber Risk Insights Conference in London this year, then you will have missed key insights on ransom payment trends for 2023.
A panel discussion on the topic brought together a group of experts to share their insights and experiences from the front lines of cyber incidents. Moderated by Anthony Hess from Asceris, the panel included Carolyn Purwin Ryan from Mullen Coughlin, Danielle Haston from Chainalysis, Luke Johnson from Canopius, and Daniel Tobok from Cypfer.
Check out this panel’s discussion on claims trends here. Ransom payment trends imply a decline, but should more still be done?
According to Danielle Haston, an experienced financial fraud investigations and recovery professional, the past year has seen nearly half a billion dollars paid in ransoms. However, this amount only represents 41% of the total number of people who have paid the full amount being demanded.
While the individual amounts paid by insurance companies may not be significant, the destination and impact of the funds can be significant, especially if the payments risk surpassing regulatory safeguarding against terrorist financing or sanctions (the latter of which has been an increasingly tricky issue since the outbreak of war in Ukraine). Daniel Tobok added that attribution has become increasingly difficult to identify as the Russian-Ukrainian conflict emerged: a lack of global cooperation since the outbreak has exacerbated existing issues with non-uniformity of legislation. This has effectively made ransomware one of the few crimes where criminals can demand and receive vast