Security News > 2022 > September > SMBs are hardest-hit by ransomware

Coalition announced the mid-year update to its 2022 Cyber Claims Report detailing the evolution of cyber trends, revealinig that small businesses have become bigger targets, overall incidents are down, and ransomware attacks are declining as demands go unpaid.

"Across industries, we continue to see high-profile attacks targeting organizations with weak or exposed infrastructure - which has become exacerbated by today's remote working culture and companies' dependence on third-party vendors," said Catherine Lyle, Coalition's Head of Claims.

The good news: both Coalition and the broader insurance industry observed a decrease in ransomware attack frequency and the amount of ransom demanded between the second half of 2021 and the first half of 2022.

More good news: Coalition policyholders experienced 50% fewer claims compared to the broader market.

The substantial decrease in overall claims stems from Coalition's combination of cybersecurity tools, including active monitoring and alerting, access to digital forensics and incident response, and broad insurance coverage.

"Organizations are increasingly aware of the threat ransomware poses. They have started to implement controls such as offline data backups that allow them to refuse to pay the ransom and restore operations through other means," said Chris Hendricks, Coalition's Head of Incident Response.

News URL

https://www.helpnetsecurity.com/2022/09/15/small-businesses-ransomware-targets/