Have the number of ransomware attacks really reduced?

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Another day, another cyber trends report. Today’s report is from Red Canary, a cyber incident response specialist.

The figures included in the report suggest that the number of ransomware attacks has fallen in 2022.

 

But..

Before you all think ‘cyber’ is now ‘sorted’, Red Canary provides a possible explanation:

“[O]ne possible factor is the higher barrier to obtaining cyber insurance policies in 2022 due to the prevalence of ransomware-related claims. If fewer organizations have cyber insurance due to challenges obtaining it, fewer [Incident Response Experts] may be called in to respond to ransomware intrusions”.

 

In other words

The increasing number of ransomware attacks in recent years has made cyber insurance more expensive.

As a result, fewer firms have insurance cover for ransomware attacks.

As a result, fewer firms are able to call in the experts when they suffer an attack.

 

In other words

The number of ransomware attacks is not reducing – It’s the visibility of the attacks that is reducing.

 

So what?

Without mandatory reporting, we may never know the full extent of this ongoing crime wave. Regulations such as DORA, which include mandatory reporting of such incidents, will help to address this.

In the meantime, many of the organisations that are at risk of a future attack will continue to regard warnings from people like me as just a sales pitch.

 

So what?

Just because my warnings help me earn a living, doesn’t mean I’m wrong.

If you worry that you could be the next victim of a ransomware attack, I can help you turn those worries into distant memories.