Ransomware attacks accounted for 32% of cyber claims in 2020 - more than double that recorded for 2016-2020 (14%). Overall, cyber insurance claims across Continental Europe rose by 8% in 2020.
The report, "The Changing Face of Cyber Claims 2021", analyses cyber insurance claims managed by Marsh in Continental Europe from 2016-2020.
Amid the rising frequency and severity of cyber-attacks, cyber insurance rates increased by an average of 39% for all industries within Marsh's Continental Europe client base in the first quarter of 2021, up from a 37% increase in Q4 2020.
While the most affected industry sectors - financial institutions, manufacturing, communication, media & technology, and professional services - remain unchanged from the 2019 research, Marsh reports that claim notifications among the top four sectors rose significantly in 2020, with three recording triple-digit increases: manufacturing (104%); communication, media & technology (153%); and professional services (200%).
The report notes that, as the pandemic took hold in Europe during March and April 2020, cybercriminals quickly capitalized on human anxiety to engineer a wave of COVID-19 themed attacks that blended well-established tactics and malware with increased searches for information about pandemic-related issues.