Ransomware is arguably the most significant cybercrime innovation in recent history. The ransomware business model is so effective that it is now the most common and devastating threat to organizations of all sizes. As a provider of cyber insurance, we have the misfortune of responding to ransomware attacks across tens of thousands of organizations, and the trends are worrying.

Ransomware attacks made up the largest source of cyber insurance claims for many insurers in both 2018 and 2019, with reported growth rates in excess of 100% year-over-year. All told, ransomware claims cost insurers hundreds of millions of dollars, and would have totaled into the billions if not for the low adoption of cyber insurance policies. Instead, those costs are often shouldered by individual companies that are the unfortunate victims of ransomware.