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Data from over 50,000 organizations reveals the average ransom demand increased to $1.2 million in the first half of 2021, nearly a 170% increase from the first half of last year, according to a new report from Coalition.
As people are becoming increasingly dependent on technology, cyber crimes are continuing to grow in strength, disrupting critical infrastructure. To better understand the current cyber risk landscape, Coalition analyzed claims data through June 2021 from 50,000 customers in the United States and Canada. Overall, the report found that ransomware and other cyber crimes are escalating, showing that addressing cyber crimes is important for everyone.
As companies increasingly rely on insecure remote access tools, cyber criminals find new opportunities to exploit companies. These cyber criminals have adopted less sophisticated attack techniques, including business email compromise, which increased 51% and funds transfer fraud which increased 28%.
Smaller companies are continuing to face increasingly attacks from cyber criminals. Companies with 250 employees or less experienced a 57% increase in attacks from the first half of 2020 to 2021.
Conducted by Wakefield Research, the Coalition report surveyed among 1,000 senior executives who are insurance decision makers at companies of 1-250 employees between February 19 and March 2. Researchers used an email invitation and an online survey. Results of any sample are subject to sampling variation. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. For the interviews conducted in this particular study, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 3.1 percentage points from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample.
Read the full report from Coalition.
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