Ransomware and other threats were analyzed in a recent report by Corvus Insurance. In the early months of 2023, there was a sudden global explosion in the frequency of ransomware attacks with 452 new victims’ data appearing on dark web leak sites in March — a 60% increase year-on-year. Despite the rise in observed activity, the rate of insurance claims has continued to trend downward this year.
The report observed a 52% reduction in ransomware claims over the full year, and a 62% decline from Q1 2021 to Q4 2022. Research also observed a 45% reduction in the total number of victims whose information was posted on the dark web.
Attacks against U.S. companies were far less frequent in 2022, compared to other countries. While the U.S. saw 45% fewer victims posted on the dark web, the report discovered a nearly 20% increase in ransomware across all other countries in 2022 versus 2021.
The number of claimed extortion victims industry-wide in March 2023 stands at 349, according to dark web leak sources. This is a 31% increase over February 2023, a 23% increase year-over-year. March remains one of the highest months on record.
While ransomware attacks in the U.S. fell significantly in 2022, and the rate of payment of ransomware demands also fell, the average dollar amount paid in ransom rose to the highest levels ever seen across a full year, a 63% increase over 2021.
Ransom payments have dipped for researched insurance policyholders. In 2022, the percentage of policyholders who paid when confronted with a ransom dipped below 30% for the first time, a 16% improvement over the prior year and well below the estimated 41% who pay in the broader market.