Report: 44% decrease in average amount paid after ransomware attacks

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After all the headlines throughout 2021, the end of the year showed signs of improvement. According to a new report from Corvus Insurance, in the fourth quarter, the rate of ransomware requests was only half of the peak recorded in the first quarter of 2021, falling from 0.6% to 0.3%. While the average ransom paid in Q3 2021 was atypically high, the total ransoms paid in 2021 per quarter were approximately $167,000, 44.2% lower than the Q3 figure.

Overall, fewer ransoms are paid compared to those demanded. This decrease in cost and severity can be partly attributed to underwriting entities requiring stronger safeguards for insurance coverage, which is helping to drive the broader trend towards more sophisticated and resilient approaches to mitigating the risk of ransomware.

In terms of concerns and prospects specific to the small and medium-sized enterprise (SME) segment, the survey data shows that SMEs continue to scale up their cyber investments. It showed that SMBs are primarily affected by external threats – attack vectors including ransomware and phishing – and that only 8% of the smallest companies (

By comparison, among the largest companies in the survey group (over 250 employees), 18% said they have a budget dedicated to cybersecurity. However, overall cybersecurity spending is increasing, with 60% saying their security spending should increase with support from their CEO and senior management.

Overall, respondents pointed to lack of resources and overall security complexity as key factors currently preventing the improvement of their defenses. Small businesses are more concerned with keeping abreast of new threats, while larger enterprises are more concerned with vendor breaches, highlighting the fact that many companies may not be highlighting and acting on the need to an internal safety culture.

Read the full report from Corvus Insurance.

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