Ransomware Trends in 2020 and How to Plan for 2021

March 12, 2021

A wide array of unique cyber incidents emerged in 2020, including supply chain attacks, COVID-19 related phishing attempts, and a staggering increase in ransomware attacks. Most significantly, the way that threat actors operate, how they attack, and their demand amounts escalated significantly in 2020. For instance, in the US alone last year, the frequency of ransomware attacks increased by more than 100% with COVID-19 contributing as a catalyst for Remote Desktop Protocol (RDP) hacks with an expanding number of employees working remotely.

As a result, the cyber insurance market is reacting strongly to mitigate loss impact. Expect this to continue throughout the entirety of 2021.

Jessica Slater and Beecher Carlson’s Cyber Team take an unfiltered look at how the ransomware spike in 2020 impacted the cyber insurance market and will, consequentially, impact how ransomware coverage is evaluated and quoted going forward in 2021. Take a look at their analysis below.