Local: (805)-371-3680 | Toll Free: (800) 240-CHIV
Facebook
LinkedIn
Chivaroli Insurance Services
  • INSURANCE COVERAGE
    • Medical Professional Liability
    • Commercial Auto Insurance
    • Errors & Omissions Insurance
    • Commercial General Liability
    • Business Owners Policy (BOP)
    • Representations & Warranties
    • Directors’ & Officers’ Liability
    • Fiduciary Liability Insurance
    • Terrorism Risk Insurance
    • Commercial Property
    • Commercial Crime
    • Difference in Conditions
    • Workers Compensation
    • Employment Practices Liability
    • Stop Loss Insurance
    • Security & Privacy (Cyber) Liability
    • Products Liability
    • Personal Lines Insurance
  • OTHER SERVICES
    • Alternatives
    • Consulting Services
    • Credentialing Requests
    • Risk Management
    • Wholesale Brokerage
  • RESOURCES
    • Healthcare Resources
    • Insurance Resources
    • Terms & Definitions
  • NEWS
  • ABOUT
  • CONTACT
A close-up view of two monitors showing a system hack and ransomware activity.

Ransomware Activity Rockets in First Half 2023

October 19, 2023Chivaroli InsuranceGeneral Article

Ransomware activity is surging in 2023, with third-party vendor risk becoming organizations’ top point of failure.

Cyber insurance provider Resilience’s mid-year claims report showed that ransomware notifications increased 1,110% in Q2 2023 vs. Q2 2022.

Among the key findings: 

  • Cybercriminals are returning to “big-game hunting.” Attackers are again focusing on larger organizations with sensitive data since they can pay more considerable ransom demands. Two recent examples are MGM Resorts and Caesars Entertainment. 
  • Third-party vendor cyber risk has overtaken phishing attacks as the leading point of failure in cybersecurity. 
  • Resilience is seeing more encryption-less data exfiltration attacks where criminals threaten to publish sensitive material unless firms pay the ransom.

What they’re saying: “Ransomware remains a top concern for our clients, with data from firms like Chainalysis showing 2023 is on track to be one of the most active years on record,” said Vishaal Hariprasad, CEO and co-founder of Resilience, in a statement. “However, ransomware risk can be mitigated to the point that victims can choose not to pay a ransom.”

 Good news: Fewer organizations are paying ransom demands. 

According to the report, just 15% of Resilience clients paid a ransom to resolve a cyber incident in the first half of 2023. That’s down from 21.4% in 2022. And well below the 39.5% payment rate tracked by Coveware, a cyber extortion response firm.

The bottom line: Ransomware is on track to be one of the most active years on record. 

Organizations need to take steps to mitigate their risk, including securing their supply chain and having a robust incident response plan.

Go Deeper: Read the Resilience Midyear 2023 Claims Report here.

Chivaroli Insurance
Previous post More Health Systems Charge Fees for Patient Emails Next post P/C Insurer Ratings Downgrades Jump in 2023
Sign up for Chivaroli & Associates Newsletter
* = required field
unsubscribe from list

Categories

  • Article Archives
  • General Article
  • Private
  • Uncategorized

Archives

  • February 2025
  • December 2024
  • November 2024
  • October 2024
  • August 2024
  • July 2024
  • June 2024
  • May 2024
  • April 2024
  • March 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • November 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • August 2019
  • July 2019
  • June 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • December 2017
  • November 2017
  • October 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • April 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014

Chivaroli and Associates Insurance Services is a full-service brokerage firm specializing in the custom-design and placement of insurance and alternative risk funding solutions for your healthcare organization.

Facebook
Twitter
LinkedIn
YouTube

Contact Us Today

Address:
200 North Westlake Blvd., Suite 101
Westlake Village, CA 91362
Phone:
805-371-3680
E-mail:
mail@chivarolitr.wpengine.com

Resources

Health Care
Insurance
Terms & Definitions
News
About

Policies

Cookie Policy
Disclaimer

Recent News

  • Premium Hikes Continued in Q4 2024, Latest Survey Shows 
  • ‘Nuclear’ Medical Malpractice Verdicts on the Rise
  • Pay Now, Deliver Later: Some Women Are Prepaying for Their Baby
  • Fidelity Bonds vs. Commercial Crime Insurance: Which is Right for You?
© 2025 All rights reserved. Powered By Insurance Agency Website by Stratosphere