As noted in the Winter 2022 Antidote article exploring cyber liability trends, cyber incidents are on the rise – ransomware especially. The Sophos State of Ransomware 2022 report found that:
- Ransomware hit 66% of mid-sized organizations surveyed last year, up from 37% in 2020.
- The average cost to an organization to rectify a ransomware attack in 2021 was $1.4 million.
- 97% of organizations that have cyber insurance have made changes to their cyber defense to improve their cyber insurance position.
- 98% that were hit by ransomware and had cyber insurance that covered ransomware said the policy paid out in the most significant attack.
For additional information regarding cyber liability insurance, contact Jim Davis at firstname.lastname@example.org or call 608.442.3728.