Claims Journal
March 24, 2020

Ransomware attacks became both more frequent and more brutal in 2019, according to a new report by speciality insurer Beazley.

Beazley said its Breach Response Services unit saw a 131 percent increase in ransomware incidents last year. What’s more, a larger share ofransomware attacks with programs such as Ryuk and Sodinokibi were made in tandem with banking trojans such as Trickbot and Emotet, the insurer said in a press release Monday.

“In these cases not only must the affected company deal with the debilitating impact of its critical systems and data being encrypted by the attackers, but the presence of these trojan artifacts often requires an additional assessment of whether data was also accessed or stolen,” Beazley said.

The hackers are also demanding more money. Seven or eight-figure ransom demands are not unusual.

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