18 May 2023Analysis

Corvus releases new risk report

Cyber underwriter Corvus Insurance has released findings from its fourth Corvus Risk Insights Index, a compilation of industry trends and data analysis based on the company’s claims data, threat intelligence research, and proprietary scanning technology, the Corvus Scan.

According to Corvus in the early months of 2023, there was a sudden global explosion in the frequency of ransomware attacks with 452 new victims’ data appearing on dark web leak sites in March — a 60 percent increase year-on-year.

However. despite the rise in observed activity, the rate of claims at Corvus has continued to trend downward this year.

“Following a year of decline in 2022, the early months of 2023 have brought a sudden explosion of ransomware attacks globally. This time, though, fewer organisations are caught off guard,” said Jason Rebholz, chief information security officer at Corvus Insurance.

“More of them have cyber insurance, for one thing — along with enhanced security controls required by insurers since ransomware’s previous peaks. More organisations are able to face down attackers. Left unchecked, ransomware will continue to flourish. Corvus policyholders have not seen the same increase in ransomware activity, which we attribute to better security controls and proactive risk management.”