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Demands made in ransomware attacks have increased sharply with the COVID-19 pandemic, says a report issued Thursday.
Cyber insurance and security firm Coalition Inc., which serves small and midsize organization, said in its report that although the frequency of claims is down, “The ransom demands are higher, and the complexity and cost of remediation is growing,” with the average demand among its policyholders increasing 100% from 2019 through the first quarter, and by another 47% from this year’s first quarter to the second quarter.
Among other survey findings, the San Francisco-based firm said there has been a 35% increase in funds transfer fraud and social engineering claims filed by Coalition policyholders since the pandemic’s onset.
The report says the root cause of these incidents include business email compromise, invoice manipulation and domain spoofing, although there were reports of social engineering attempts via telephone as well.
The report said about 2% of its policyholders have experienced a cyber incident that resulted in a claims payout.
More insurance and risk management news on the coronavirus crisis here.
Ransomware attacks against Beazley PLC clients increased 25% between last year’s fourth quarter and this year’s first quarter overall, with the manufacturing sector reporting a 156% increase, says a report issued Tuesday.