New Claims Report sees ransomware demands triple to average $1.2M

Ransomware is top of mind for everyone — media, companies, governments, international bodies, and as attacks escalate, everyone is impacted — from small businesses to critical infrastructure. Our H1 2021 Cyber Insurance Claims Report analyzed claims data through June 2021 from customers in the United States and Canada, and the results are staggering. From the first half of 2020 to 2021, the average ransom demand made to Coalition policyholders increased nearly threefold, from $450,000 to $1.2 million per claim.

Our visibility into cyber incidents comes from three primary sources: our policyholders reporting incidents and claims, data the National Association of Insurance Commissioners (NAIC) shares with us, and finally, from the tens of thousands of insurance applications we receive each year. This is our second year compiling data to assess — and predict — trends in cyber insurance. Unfortunately, we previously witnessed the beginning of a prolific trend of increased ransomware attacks as bad actors exploited remote access in 2020.