32 ID Trends NAILBA
Trends in cybercrime
Facts & Stats
The insurance industry was the most frequent target of ransomware attacks in the first half of 2021 , accounting for almost 25 percent of all ransomware attacks with consumer goods and services , and telecommunications ranked second and third .**
105 % global rise in ransomware attacks alone in 2021 .*
Ransomware attacks also targeted the insurers who write cyber coverage , as well as the vendors who provide backup storage .*
$
4.35 million is average data breach in 2022 , up from $ 3.86 million in 2020 .*
$
1.07 million additional cost where remote work was a factor in causing the breach .*
277 days : average time to identify and contain a data breach .*
12 consecutive years healthcare had the highest industry cost of a breach , followed by the financial industry .*
Average total cost of a breach in healthcare increased from $ 9.23 million in 2021 to $ 10.10 million in 2022 Average total cost of a breach in the financial industry increased from $ 5.72 million in 2021 to $ 5.97 million in 2022
“ Cyberattacks on insurance giants such as CNA Financial Corp ., which paid a reported $ 40 million ransom in late March of ‘ 21 to regain control of its network have demonstrated that insurers may be adept at assessing and pricing the risk of attacks , but are far from immune from dangerous breaches of their networks .”
Average total cost of a data breach ( in Millions ) $ 4.50
$ 4.35
$ 4.24
$ 4.25 $ 4.00
$ 3.92 $ 4.00
$ 3.86
$ 3.75 $ 3.86
Phillip R . Stein & Bilzin Sumberg |
$ 3.50 |
|
$ 3.62 |
|
* Source : IBM Security — Cost of a Data Breach Report 2022 ** Source : Insurance Information Institute |
$ 3.25 |
2016 |
2017 |
2018 2019 2020 2021 2022 Source : IBM Security — Cost of a Data Breach Report 2022 |