2019 Ransomware Attacks Already Exceed 2018 Total

Malware claims, which include ransomware, have risen to 18% of all cyber claims in 2019 from an average of 12% over the past five years, according to the 2019 third quarter edition of Chubb’s Cyber InFocus Report entitled “Adapting to the New Realities of Cyber Risks.”

The report has concluded that the number of ransomware attacks for 2019 has already exceeded 2018’s total.

The report provides insight into the recent growth of ransomware attacks across industries and underscores best practices companies should take to combat the associated risks.

“Ransomware is not new, but has evolved over time,” said Michael Tanenbaum, Head of Chubb Cyber North America. “In today’s environment, the impact of a company’s system becoming inoperable can result in severe and long-term disruption for a business. Some ransom demands have grown to the six-and seven-figure range, so it is critical for businesses to understand the increased sophistication of ransomware, what procedures and systems need to be in place to mitigate the risk, and what solutions they need to protect themselves should they experience an attack.”

Manufacturing accounts for 23 percent, and professional services is 30 percent, of the total number of ransomware incidents reported to Chubb across all industries through the third quarter. Manufacturing companies are more likely to be targeted because of their need to quickly restore operations, and professional service firms, which rely heavily on email, are often affected because of vulnerabilities associated with phishing attacks. However, ransomware can affect any company, regardless of size or industry.

This quarter’s Cyber InFocus examines:

1. What is ransomware, including how bad actors are becoming more sophisticated with targeted ransomware strains.
2. The most common strains of ransomware, including Bitpaymer and Ryuk, and how these strains use a banking Trojan, such as Trickbot or Emotet, to infiltrate their victim’s system.
3. An emerging ransomware strain called Sodinokibi, which specifically targets its victims and demands larger than average ransoms.

According to the Chubb Cyber IndexSM:

1. Malware claims, which include ransomware, have risen to 18% of all cyber claims in 2019 from an average of 12% over the past five years.
2. Ransomware accounts for 40% of manufacturers cyber claims in 2019 thus far.
3. Ransomware accounts for 23% of cyber claims for smaller businesses (revenue less than $25M) in 2019.