In Q1 2022, ransomware claims decreased by 30%, compared to Q4 2021. This decrease may be connected to the Russian invasion of Ukraine, according to a cyber risk report.

The change in ransomware claims was noted in the Corvus Risk Insights Index, a research report focusing on developments in cybersecurity and cyber risk. According to the report, the 30% drop in ransomware claims made to insurance providers is reflected across the industry. The report identified three possible factors contributing to the decrease in ransomware claims.

  1. The arrest of REvil ransomware cybercriminals by the Russian government may have discouraged other cybercrime rings that target victims with ransomware.
  2. As the war has continued in Ukraine, cyber actors based in the country have had to relocate for their own physical safety, decreasing the amount of ransomware emerging from Ukrainian nationals.
  3. The Russian invasion of Ukraine has caused conflict between ransomware groups, including Conti, as members of the cybercrime rings choose sides in the war, according to the report.

For more cyber risk insights, view the report here.