PLEASE UPDATE YOUR BROWSER

1 Reason Insurance (715)598-9924

Leadership Through Service

  • About
    • Meet the Insurance Agents of 1 Reason Insurance
    • Partner Insurance Companies
  • Personal Insurance
    • Car Insurance Quote for Personal Auto
    • Boat Insurance
    • Home Owners Insurance Application
    • Life Insurance Quotes
    • Motorcycle Insurance
    • Personal Umbrella Insurance
    • Renters Insurance
    • RV Camper Insurance
    • Snowmobile Insurance
  • Business Insurance
    • Commercial Auto Insurance
    • What is General Liability Insurance
    • Rental or Vacant Properties
    • Workers Compensation in Wisconsin
  • Blog
  • Contact 1 Reason Insurance
    • Contribute As Guest Author
Home > Insurance Companies > Insurance News > Beazley Breach Insight: Ransomware severity and costs increase in 2020

Beazley Breach Insight: Ransomware severity and costs increase in 2020

Posted on: December 16, 2020 By: Insurance Updates

New York, Dec. 16, 2020 (GLOBE NEWSWIRE) — Specialist insurer Beazley has reported that ransomware attacks increased in terms of both severity and costs this year compared to 2019 and have become the biggest cyber threat facing organizations.

According to the latest Beazley Breach Insights report, published today, the total cost of ransom payments doubled year-on-year through the first six months of 2020, based on incidents reported to Beazley’s in-house breach response team, BBR Services.

The nature of ransomware attacks has also markedly changed in 2020. Today’s ransomware incidents are more likely to include a threat to release stolen data versus encryption alone. Threat actors increasingly have prior access to a network before deploying their attack, during which time they are working to escalate their privileges, move laterally through the network, and perform reconnaissance on the network and data stored on it. Frequently, they now also exfiltrate data and upload it to an external site, both to prove that they have access and to threaten exposure.

Multiple layers of security needed

Despite the growing complexity of the attacks, there are opportunities to disrupt criminals’ activities during the cyber extortion process, however, this requires regular and thorough training of employees on how to avoid this evolving threat. Organizations should not only try to prevent a ransomware infection, but prepare in case they do get infected, through multiple layers of security, each reducing the risk and probability of ransomware.

Paul Bantick, Beazley’s Global Head of Cyber & Technology, said “In an incredibly challenging year in which ransomware has become the biggest cyber threat to impact individuals and organizations alike, the severity of ransomware attacks has continued to escalate. Our underwriting, claims and threat intelligence database shows that ransomware attacks are much more sophisticated and severe, thus, it is critical that organizations adopt a layered approach to security and take stringent measures to make it hard for threat actors at every step.

“Throughout 2020, our award-winning claims and BBR Services teams have risen to the challenge to help thousands of clients respond to these fast-moving and complex events while maintaining exemplary service levels. As the year comes to a close, I would like to thank our brokers and insureds for their support in 2020.”

For risk management tips on reducing the risk of ransomware read the full Beazley Breach Insight here.

 

Note to editors:

Beazley plc (BEZ.L) is the parent company of specialist insurance businesses with operations in Europe, the US, Canada, Latin America and Asia. Beazley manages six Lloyd’s syndicates and in 2019 underwrote gross premiums worldwide of $3,003.9m. All Lloyd’s syndicates are rated A by A.M. Best. 

Beazley’s underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd’s.

Beazley is a market leader in many of its chosen lines, which include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.

For more information, please go to: www.beazley.com

CONTACT: Mairi MacDonald
Beazley Group
+44 (0) 207 674 7164
Mairi.MacDonald@beazley.com

Deborah Kostroun
KetchumZito Financial
201–403–8185
deborah.kostroun@ketchumzito.com

Comments

comments

Categories: Insurance News Tags: Insurance News

1Reason Agencies

What clients have to say:

Mike T. "I started a business last year and Robert responded to my inquiries immediately, and was extremely helpful and knowledgeable as to the type of insurance coverages I would need to get started. Now its been a year and he now carries All of my coverages! Absolutely the most hands on agent I've ever worked with but hands down the friendliest! I can call him anytime and never feel rushed and not only that but he responded while on a family vacation. I believe in relationships in business and so does Robert by the way he treats his customers. I have a true friend in the business, thank you Robert!"


Lynn R. "Bob is very knowledgeable and has always done a great job explaining different aspects of coverage. He is very accessible and looks out for what is best for the consumer. We highly recommend him!


Justin T. "Excellent agent, always available for answers to insurance related questions. Bob, is the person most people strive to become. Without a doubt, a great person!"


Sebastian T. "I can not begin to tell you how pleased I am with 1 Reason Insurance ! Their responding services is friendly and complete. For the services my company offers to the public it is sure nice to know that we are covered for a reasonable fee. Just having (1 R I ) 1 Reason Insurance there is such piece of mind ! Their insurance plans are strait to the point and easy to understand.
Thanks for the great service 1 Reason Insurance !"


Jeff H. "Very nice and cares about the customer! He was literally the reason why i chose him over other companies for my insurance"

Categories

  • Bonds
    • Performance Bond
  • Bookkeeping
    • Business Taxes
  • Business Marketing
    • Webhosting
  • Car Insurance
  • Commercial Auto
  • Commercial Insurance
  • Court Cases
  • Cyber Liability Insurance
  • Employment Opportunities
  • Employment Practices
  • Flood Insurance
  • Home Ownership
  • Homeowner's Insurance
  • Insurance Companies
    • Insurance News
  • Insurance Terms
  • Investing
    • Finance & Insurance News
  • Life Insurance
  • Non Emergency Medical Transportation
  • Payroll
  • Pinewood Derby
  • Professional Liability / E&O
  • Real Estate News
  • Rental Property Insurance
  • Retirement & Estate Planning
  • RV Insurance
  • Starting A Business
  • Stock Dividends
  • SuiteCRM Insurance CRM
  • Taxes
  • Tips & Advice
  • Travel
  • Uncategorized
  • Worker's Compensation

Recent Posts

  • Landsea Homes Reports First Quarter 2025 Results
  • New Home Co. to Acquire Landsea Homes Corporation, Creating a Top 25 National Homebuilder
  • Highwoods Announces Availability of 2024 Corporate Resiliency Report
  • FRP Holdings, Inc. (NASDAQ: FRPH) Announces Results for the First Quarter Ended March 31, 2025
  • UMH PROPERTIES, INC. PUBLISHES ITS 2024 SUSTAINABILITY REPORT
  • APEX Capital Group Launches $10M Halal Real Estate Income Fund
  • DeFi Development Corp. Purchases Record 172,670 SOL, Surpasses $100M in Treasury Holdings
  • Macerich Reports First Quarter 2025 Results