Resilience Cyber Insurance Solutions LLC Tuesday said that 64% of ransomware-related claims in its portfolio resulted in a loss.
Only 9.7% of clients paid extortion fees, according to the Tuesday report from Resilience.
“This reflects a trend toward increasing costs to recover from ransomware attacks regardless of whether an extortion is paid,” according to the cyber insurer.
The severity of ransomware claims in the Resilience portfolio also went up dramatically from 2022 to 2023 with a 411% jump in the financial severity of events, the report said.
Health care and manufacturing were the most affected sectors in the first half, but other areas including energy, construction and engineering were subject to increased attacks, the report said.
Vendor-driven claims are the fastest-growing area of claims and cause of loss for claims in the portfolio overall, as 35% percent of claims originated in a vendor failure in 2023. In 2024, that number is already 40% and is expected to grow.
Resilience said in its report that “humans are still the weakest link. Many of the most notable and destructive cyber incidents this year have human error at their core.”
After ransomware, the costliest cyber events were email compromise and transfer fraud.
