Cyberattacks -- A Spotlight on Ransom Losses and Insurance

American Bar Association (ABA)

PUBLISHED ON: September 10, 2021

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According to the annual Internet Crime Reports by the Federal Bureau of Investigation (FBI), cybercrime losses rose more than six fold from 2009 ($560 million) to 2019 ($3.5 billion). The year-over-year trend just between 2018 and 2019 shows almost a $1 billion increase in the reported losses and an increase of more than 30 percent in reported events.

Not only has the number of cybercrimes increased—so has the sophistication and severity of the crimes. The recent Solar Winds attack that targeted agencies within the U.S. federal government—including the Departments of Homeland Security, Energy, Commerce, Treasury, and State—shines a bright light on how dangerous, pervasive, and sophisticated cybercriminals have become.

According to the FBI, the most frequently reported complaints in 2019 were phishing . . . .

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