While ransomware remains a plague on organizations around the world, a new report from commercial insurance firm Corvus indicates that ransomware costs are being cut considerably due to better preparedness. And though cyber insurance claims spiked in early 2021 due to the Microsoft Exchange vulnerability, they have been on a steep downward trend since.
Cyber insurance claims spike following major vulnerability, but down overall on the year
The Corvus Risk Insights Index is a new study, but one that is planned to be released quarterly. This inaugural Q4 2021 edition draws from the company’s claims database, proprietary security scanning technology, and select third-party sources.
Though it may seem an obvious point, the report drives home that improvement of basic security fundamentals leads to significant immediate improvements. Increased awareness of both email security and proper backups appears to be putting a dent in ransomware costs even as the criminal industry surges globally and ransom demand amounts increase.
In Q1 2021, there was a major spike in cyber insurance claims from tech firms due to the fallout of the Microsoft Exchange Server vulnerability. However, claims took a steep downturn as soon as that vulnerability was patched out. They continued to plummet throughout 2021, eventually dipping below 2020 levels in Q3.
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