Overcoming Ransomware: A Blueprint for Thriving in a Digital World
As the insurance industry reels from ransomware, At-Bay has helped businesses stay secure year-round through a combination of technical underwriting and active risk monitoring. The result is a dramatic reduction in ransomware in At-Bay’s portfolio. In this report, we share our blueprint for thriving in a digital world.
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Report Highlights
- Active risk monitoring reduces ransomware attacks by 7x
- Assessing portfolio security once a year misses 80% of RDP vulnerabilities
- Active risk monitoring expedites software patching by 5x
Ransomware is the gravest digital threat to American businesses today, representing an estimated 60% of all cyber insurance claims in the United States. The average ransom payment has nearly doubled in the past year, and the average total recovery cost for a single incident is now $1.8 million.
Loss ratios have nearly doubled over the past 18 months, and a high-profile attack on Colonial Pipeline in May 2021 disrupted a major supply of fuel to the East Coast, prompting significant action from the FBI and the White House. With no clear solution in sight, the industry’s response has been to increase premiums by 80% across the board, with some industries experiencing spikes of up to 200%, while simultaneously reducing coverage.
Cyber risk breaks two fundamental insurance assumptions. First is the notion that the risk of a business can be assessed once a year. Cyber risk is dynamic. Numerous new risks emerge over the course of an insurance year, most of which are impossible to anticipate and out of the control of an insured business. Second is that past cyber breaches are a good indicator of probabilities of future cyber breaches. Technology evolves rapidly, and insurance actuarial models have always lagged a year behind, which was rarely a problem until now.
Download the full report to learn how At-Bay is overcoming ransomware.