Ransomware Attacks Are Soaring, Says Beazley in Data Breach Report

“Ransomware attacks against businesses will be four times higher in 2016 than last year, with a growing number of ransom-seeking hackers demanding bitcoin rather than money, according to a report by specialty insurer Beazley.

The Beazley Breach Insights report is based on the insurer’s client data breaches in the first nine months of 2016. During the first nine months of 2016, Beazley Breach Response (BBR) Services unit managed 1,437 data breaches on behalf of clients, compared to 931 breaches during the same period last year.

Overall, hackers are focusing more attention on financial institutions, according to Beazley. In the first nine months of 2016 hacking and malware breaches accounted for 39 percent of the data breaches suffered by financial institutions, up from 26 percent for the comparable period in 2015.”

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Author: Insurance Journal