According to a report by cyber insurance provider Coalition, the severity of ransomware attacks surged by 68% in the first half of 2024, leading to an average loss of $353,000 per incident. While the frequency of ransomware incidents declined, the demands from attackers rose significantly, with particular reference to the Play and BlackSuit ransomware variants. The report also highlighted that business email compromises (BEC) were the most common cyber events, with their frequency increasing by 4%. Overall, there was an increase in claims severity across various revenue brackets, with businesses generating over $100 million experiencing a staggering 140% uptick in average losses.
