More Cyber Attacks, Fewer Ransoms Paid

AI-driven Corvus Insurance has released findings from its Risk Insights Index, a compilation of trends and data analysis based on claims data, threat intelligence research and proprietary scanning technology. It found that fewer companies are paying ransoms despite a 60 percent increase in ransomware attacks. Property security controls are proving to be an effective deterrent. Attacks were not as frequent in the U.S. as elsewhere. There was a 52 percent overall reduction in ransomware claims in 2022. The rate ticked up in early 2023. Nevertheless, the overall trend has been down. The company’s chief information security officer says more organizations are able to call attackers’ bluff because they have proactive risk management, they are better insured, and their insurers have required better security.