Ransomware Costs more than $6+ Billion!

20 November 2020 Internet, IT & e-Discovery Blog Blog
Authors: Peter Vogel

BusinessInsurance.com reported on comments from Joerg Ahrens (global head of long-tail claims at Allianz Global Corporate & Specialty SE) “Whether due to ransomware, human error or a technical fault, the loss of critical systems or data can bring an organization to its knees in today’s digitalized economy,…If an online platform is unavailable due to a technical glitch or cyber event, it could bring large losses for companies that rely on it, particularly given today’s increasing reliance on online sales or digital supply chains.”  The November 19, 2020 article entitled “Business interruption drives 60% of cyber losses: Allianz” included these comments from Catharina Richter (global head of Allianz’s Cyber Center of Competence):

Losses from incidents such as DDoS attacks or phishing and ransomware campaigns account for a significant majority of the value of cyber claims today,…

Almost half a million ransomware incidents were reported globally last year, costing at least $6.3 billion in ransom demands.

Total costs are thought to be in excess of $100 billion

No surprises in this Report from Allianz.

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