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Ransomware attacks increasing

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Ransomware attacks continued to grow in 2017 among Beazley P.L.C. clients, increasing by 50% the first half over the comparable period a year ago, the insurer said in a report Tuesday.

Beazley clients experienced 203 ransomware attacks in 2016 and 133 in the first half of 2017. It expects this number to double to 266 for the full year, the London-based insurer said in the report.

Beazley had reported in its year-end report that ransomware among its clients more than quadrupled in 2016 over 2015’s total. 

Hacking and malware attacks, which include ransomware, accounted for 32% of the 1,330 incidents Beazley Break Response Services reported for the first half, according to the insurer’s July report.

Meanwhile, accidental breaches caused by employee error or data breached while controlled by third-party supplies accounted for 30% of breaches overall, according to the report.

“This continuing high level of accidental data breaches suggests that organizations are still failing to put in place the robust measures needed to safeguard client data and confidentiality,” said the report. “Since 2014, the number of accidental breaches reported to Beazley's team has shown no sign of diminishing. As more stringent regulatory environments become the norm, this failure to act puts organizations at greater risk of regulatory sanctions and financial penalties.”