FFT and Ransomware Made Up Over Half of Cyber Insurance Claims in 2022
Insurance companies are taking the FFT and ransomware hit.
Info-Security Magazine's newly published article has shed light on the financial damage being inflicted from Fraudulent Funds Transfer (FFT) and ransomware attacks.
Excerpt from article:
"Fraudulent funds transfer (FFT) and ransomware were the biggest drivers of financial loss from cybercrime in 2022, accounting for more than 50% of insurance claims, according to figures from Corvus. The insurance company found that FFT and ransomware “are the two most consistent tactics of choice for threat actors,” with FFT representing 28% of cyber claims and ransomware 23% in its all-time figures."
While ransomware attacks slightly decreased, data exfiltration during ransomware attacks increased significantly. Info-Security Magazine reports,
"While there were fewer ransomware claims in H1 2022 compared to H2 2021, Corvus observed a 25% increase in data exfiltration over these periods."
The need for Security Operations Teams help in security monitoring, alerting, and remediation is greater than ever. Tuearis Cyber is standing by to help. You know where to find us.