October 24, 2023 at 05:02PM
Corvus Insurance has released their Q3 2023 Global Ransomware Report, showing that ransomware attacks are increasing at a record-breaking pace. The report reveals that global ransomware attack frequency has increased by 11% compared to Q2 and 95% year-over-year. The CL0P ransomware group has played a significant role in this spike, exploiting vulnerabilities in file transfer software. Several industries, including law practices, government agencies, manufacturing, oil and gas, and transportation, logistics, and storage, have experienced significant spikes in ransomware activity. Corvus Insurance emphasizes the need for strong security controls to mitigate the threat of ransomware attacks.
Corvus Insurance, a leading cyber underwriter powered by an AI-driven cyber risk platform, has released its Q3 2023 Global Ransomware Report. According to the report, ransomware attacks continue to increase at a record-breaking pace. The frequency of global ransomware attacks in Q3 2023 has risen by 11% compared to Q2 and 95% year-over-year (YoY).
In their Q2 2023 report, Corvus noted a significant resurgence in global ransomware attacks, which has continued into the third quarter. It’s worth noting that the number of ransomware victims in 2023 has already exceeded the combined total observed in 2021 and 2022. If this trend continues, 2023 will witness over 4,000 ransomware victims posted on leak sites, compared to 2,670 victims in 2022.
Two primary factors contributed to the elevated ransomware numbers in Q3:
1. CL0P Mass Exploits: The CL0P ransomware group played a significant role in the spike of ransomware activity in 2023. They targeted vulnerabilities in file transfer software, including GoAnywhere and MOVEit, impacting a significant number of victims. The single MOVEit vulnerability affected 13% of the victims listed in Q3.
2. Threat Actors Cutting Summer Breaks Short: Ransomware attacks usually follow seasonal patterns, with incidents decreasing in early May and remaining low until early August. This year, however, attacks dipped in June and then spiked, remaining high throughout the first half of August. CL0P played a significant role in this prolonged surge in attacks.
The report also analyzes industries that experienced the largest spikes in ransomware activity. These industries include law practices, government agencies, manufacturing, oil and gas, and transportation, logistics, and storage.
Corvus Insurance highlights the need for enhanced security controls across industries to mitigate the ransomware threat. The full Corvus Q3 2023 Global Ransomware Report can be found on their website.
Corvus Insurance is focused on building a safer world through insurance products and digital tools that reduce risk, increase transparency, and improve resilience for policyholders and program partners. They offer specialty insurance products enabled by advanced data science, such as Smart Cyber Insurance and Smart Tech E+O. Corvus Insurance operates in the U.S., Middle East, Europe, Canada, and Australia, partnering with reputable insurance firms like Crum & Forster, Hudson Insurance Group, Lloyd’s of London, R&Q Accredited, SiriusPoint, and The Travelers Companies, Inc. Corvus Insurance was founded in 2017 and is headquartered in Boston, Massachusetts, with offices across the U.S., the UK, and Germany. More information about Corvus Insurance can be found on their website at corvusinsurance.com.