Report: Frequency and amount of ransomware attacks down in the first half of 2022

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According to a new report from Coalition, the frequency and cost of ransomware attacks are falling. From H2 2021 to H1 2022, ransomware payout requests increased from $1.37 million to $896,000. Among the incidents giving rise to a payment, the Coalition’s policyholders paid on average approximately 20% of the initial amount requested. As organizations become more aware of ransomware, they have implemented better controls, allowing them to restore operations without paying.

Over the past three years, cyberattacks have become a viable criminal business model, with ransomware gangs holding organizations of all sizes hostage in exchange for exorbitant fees. In 2022, many of the major ransomware variants could be directly associated or praised to the Conti ransomware gang, such as Karakurt, a known data extortion branch of Conti. The FBI estimates that attacks associated with Conti have grossed over $150 million, making Conti the costliest ransomware strain of all time.

Image source: Coalition.

While ransomware has declined, the Coalition’s report, 2022 Cyber ​​Claims: Mid-year Update, found that phishing has become one of the most common attack vectors driving cyber insurance claims – accounting for nearly 60% of claims, increasing by 32% from 2021.

Coalition also observed that phishing often leads to FTF events, where threat actors steal funds by redirecting or altering payment instructions. FTF severity increased by 3% in 2022, demonstrating consistent annual growth over three years.

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As attack methods change, small businesses (SMBs) are always in the crosshairs. The average cost of claims for an SMB has increased by 58% compared to 2021. As SMBs continue to digitally evolve, they are increasing their reliance on third-party vendors for technology tools. This dependency often makes SMBs more vulnerable as they lack the resources to invest in their security.

The Coalition’s report derives from an aggregation of claims and incident data from the more than 160,000 organizations it protects. This report examined claims data from Coalition’s North American policyholders, including the highest-profile claim events and cyberattacks, during the first half of 2022.

Read it full report by Coalition.

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