According to Allianz Global Corporate & Specialty (AGCS), cybercrime is up by 125% in the first half of 2021. Ransomware and extortion operations being the two main contributors to this increase.
In its report "Ransomware trends: Risks and Resilience," AGCS highlights an upsurge in ransomware attacks. The increasing frequency and severity of these incidents is primarily due to the growing number of techniques employed by cybercriminals (double and triple extortion) and the rise of supply chain [4] attacks.
The number of ransomware claims has also increased in recent years, driven by the growth of the global cyber insurance market [5].
In 2020, AGCS received 1 000 claims compared to 80 in 2016. This upward trend has continued in 2021 with over 500 cyber claims in the first half of the year.
Business interruption alone accounts for more than 50% of total claims reported to the insurer over the past six years. The amount of these losses stands at 750 million EUR (885 million USD).