Ransomware Cases Projected to Double in 2016, Reaching An All-Time High

Advisen, the leading provider of data, media, and technology solutions for the commercial property and casualty insurance market, today published an infographic illustrating a number of cyber risk trends derived from the company’s proprietary cyber database of more than 26,000 cases.

Ransomware incidents, in which a type of malicious code encrypts data and demands payment for its recovery, are one of today’s fastest growing cyber threats. As of mid-year, the number of cases is projected to double from 2015 to 2016, reaching an all-time high. Cyber cases exposing more than one million records peaked in 2013, but the number of cases in 2015 remains 70% higher than those in 2010.

In addition, the number of suits filed alleging a violation of the Telephone Consumer Protection Act (TCPA) reached an all-time high in 2015 and is expected to grow even higher in 2016. Similarly, TCPA violations have increased by 40% from 2014 to 2015, resulting in a 140% increase in settlements within the same time period.

“Other cyber risk categories that have seen steady growth are System/Network Security Disruptions and Privacy Violations, both of which more than tripled in size from 2010 to 2015,” commented Aloysius Tan, Advisen’s Cyber Expert and Product Manager. “Privacy violations grew 13% from 2014 to 2015—a trend we expect to continue.”

Advisen’s cyber database includes more than 26,000 cases involving billions of unauthorized disclosures, thefts, or serious disruptions of customer & employee identities, corporate assets, and systems capabilities. Growing at a rate of 200 new cases with 1000 updates per week, this loss data is housed in a structured, relational database, and is mapped to the appropriate company from our database of over 20 million insureds. Learn more by requesting a cyber demo.

Click here to see the Cyber Risk Trends Infographic.

Advisen Limited. (2016). Ransomware cases projected to double in 2016, reaching an all-time high [Press release]. Retrieved from http://www.advisenltd.com/ransomware-cases-projected-to-double-in-2016-all-time-high/

Cyber Risk Data Methodology for Insurance & Risk Analysis

Advisen’s Cyber Database is a proprietary relational database of information about various events which have or could have resulted in significant financial judgments or financial loss to corporate entities. Cyber events are particularly relevant to our clients, as cyber is a newly-emerging risk with evolving coverages and parameters.

Cyber Risk Data Methodology

This 10-page methodology document describes the principles and methodology of how cyber data is organized for Advisen’s clients.

This content originally appeared in Advisen Ltd. To read the full story, you must download the Cyber Risk Data Methodology for Insurance & Risk Analysis Report