Insured companies more likely to be ransomware victims, sometimes more than once

Maria Korolov reports:

Back in 2019, fewer than 20% of enterprises suffered repeat ransomware attacks, while during the pandemic, the percentage rose to around 30%. And it didn’t stop with the pandemic, with 38% of organizations surveyed in 2022 reporting two or more successful ransomware attacks, those that attackers were able to lock systems, encrypt data, or exfiltrate information to demand a ransom, according to Barracuda’s report conducted by Vanson Bourne.

Cyber insurance plays a significant role in the numbers as they get targeted more, Barracuda Networks CTO Fleming Shi tells CSO. The survey found that 77% of organizations with cyber insurance were hit at least once, compared to 65% of organizations without insurance. In addition, of the companies that had cyber insurance, 39% paid the ransom.