A cyber insurance policy is a necessary element in a company’s risk mitigation strategy. However, obtaining/renewing a policy is becoming more difficult, and premiums have drastically increased. Direct-written premiums increased by 92% in 2021 according to the National Association of Insurance Commissioners.
The primary reason for the hardening of the cyber insurance market? Ransomware. Since ransomware accounts for 75% of all insurance claims, premiums are directly correlated with the 148% increase in attacks through Q3 2021 as well as higher ransom demands and recovery costs.
As costs continue to soar, many businesses lack the appropriate cyber insurance coverage. According to a BlackBerry and Corvus Insurance survey, nearly 40% of respondents revealed they currently lack coverage for any ransomware payment demands.
Businesses of all sizes need to take stock of their ransomware prevention strategy – not only to reduce the chances or scope of an attack, but to demonstrate the necessary cybersecurity maturity to obtain the appropriate policy for your business.
Common ransomware attack vectors
Understanding the modern attack mechanics and vectors is critical to effective ransomware prevention. As the attack surface continues to rapidly expand due to digital transformation and remote workers, cyber criminals have a variety of entry points to choose from. Here are the most common attack vectors for enterprises:
1. Phishing attacks like BEC are responsible for 91% of cyber threats, including ransomware. Trend Micro Research reported a staggering 137.6% increase in phishing attacks blocked and detected in 2021.