Ransomware Attacks Soar and Grow More Malicious: Coalition

September 11, 2020

Ransomware attacks grew by nearly 50 percent in the 2020 second quarter compared to the first three months of the year, underscoring the risks created by pandemic-related work-from-home requirements, a new Coalition report has determined.

On top of that trend, new strains of ransomware attacks are causing particularly malicious damage, according to Coalition, which compiled the data based on incidents reported by its clients.

“We’re in a heightened state of cyber vulnerability: human errors are more likely to be made remotely, new technology is being deployed on a daily basis to support remote work setups, and cybercriminals are taking advantage,” Joshua Motta, CEO and co-founder of Coalition, said in prepared remarks.

Coalition said that newer strains of ransomware, including DoppelPaymer and Maze, are particularly malicious. These strains are more complex, allowing them to demand higher ransoms, according to the company. For example, the average ransom demand for Maze ransomware is 6 times the overall average demand.

Here are highlights of Coalition’s findings:

Coalition, an InsurTech focused on cyber insurance and cybersecurity, said its report is based on an evaluation of incidents reported across 25,00 small and midsize businesses Coalition serves in the U.S. and Canada. The company’s cyber business is backed by Swiss Re Corporate Solutions, Lloyd’s of London and Argo Group.

Source: Coalition