Albert Zhou Joins Corvus Insurance as Chief Risk Officer
Former SynchronoSure, SiriusPoint exec joins leading cyber underwriter.
BOSTON (June 2nd,...
Despite a 60% increase of ransomware in early 2023, Corvus Risk Insights Index™ finds fewer are paying ransoms, and proper security controls are an effective deterrent
BOSTON (May 17, 2023) — Corvus Insurance, the leading cyber underwriter, powered by a proprietary AI-driven cyber risk platform, today released findings from its fourth Corvus Risk Insights Index™, a compilation of industry trends and data analysis based on the company’s claims data, threat intelligence research, and proprietary scanning technology, the Corvus Scan.
In the early months of 2023, there was a sudden global explosion in the frequency of ransomware attacks with 452 new victims’ data appearing on dark web leak sites in March — a 60 percent increase year-on-year according to Corvus’s analysis of dark web sources. Despite the rise in observed activity, the rate of claims at Corvus has continued to trend downward this year.
“Following a year of decline in 2022, the early months of 2023 have brought a sudden explosion of ransomware attacks globally. This time, though, fewer organizations are caught off guard,” said Jason Rebholz, Chief Information Security Officer at Corvus Insurance. “More of them have cyber insurance, for one thing — along with enhanced security controls required by insurers since ransomware’s previous peaks. More organizations are able to face down attackers. Left unchecked, ransomware will continue to flourish. Corvus policyholders have not seen the same increase in ransomware activity, which we attribute to better security controls and proactive risk management."
In this latest edition of the Corvus Risk Insights Index™, Corvus’s experts — including data scientists, underwriters, cybersecurity professionals, and claims managers — reflect on the past year, current trends, and what’s to come in the remainder of 2023.
Corvus routinely monitors its book for trends and compares that to global ransomware trends through its threat intel team, allowing for a broader look at trends across the industry.
While ransomware attacks in the U.S. fell significantly in 2022, and the rate of payment of ransomware demands also fell, the average dollar amount paid in ransom rose to the highest levels ever seen across a full year, a 63% increase over 2021.
Corvus has honed its ability to find “pockets of air” in industries often targeted by ransomware attacks. Healthcare is one industry that has been hit hard in the recent 2023 rise. Corvus data shows a 750% increase from February to March in attacks on healthcare-related organizations. Yet, despite the dramatic increases, healthcare organizations are 25% less likely to pay ransoms than average, and within Corvus’s book of business, healthcare has seen no change in attack frequency to date.
Other notable industry-specific shifts in dark web data from February to March 2023 include:
“The pockets of air in industries like healthcare show the power of data combined with the right security insights,” said Rebholz. “Just because ransomware is rising, or your industry happens to be targeted, doesn't mean you can't manage your risk. With the collective experience of thousands of attacks on different types of organizations, the lessons — and the best actions to take — are thankfully clearer than ever.”
You can access the full Corvus Risk Insight Index™ here.
View the original press release on BusinessWire.
Corvus Insurance is building a safer world through insurance products and digital tools that reduce risk, increase transparency, and improve resilience for policyholders and program partners. Our market-leading specialty insurance products are enabled by advanced data science and include Smart Cyber Insurance® and Smart Tech E+O™. Our digital platforms and tools enable efficient quoting and binding and proactive risk mitigation. Corvus Insurance offers insurance products in the U.S., Middle East, Europe, Canada, and Australia. Current insurance program partners include Crum & Forster, Hudson Insurance Group, certain underwriters at Lloyd’s of London, R&Q Accredited, SiriusPoint, and The Travelers Companies, Inc. Corvus Insurance, Corvus London Markets, and Corvus Germany are the marketing names used to refer to Corvus Insurance Agency, LLC; Corvus Agency Limited; and Corvus Underwriting GmbH. All entities are subsidiaries of Corvus Insurance Holdings, Inc. Corvus Insurance was founded in 2017 and is headquartered in Boston, Massachusetts with offices across the U.S., in the UK, and Germany. For more information, visit corvusinsurance.com.
Former SynchronoSure, SiriusPoint exec joins leading cyber underwriter.
BOSTON (June 2nd,...
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