“What we’re left with is a very, very, very different market than what we went into two or three years ago,” said Paul Bantick, the global head of cyber risks at London-based insurer Beazley. “We have a mature market that has stood up against a huge test.” The risks posed by cyber criminals are still enormous. Ransomware attacks against industrial organizations increased by 87% in 2022 from the year before, while the US Treasury Department said financial institutions flagged nearly $1.2 billion in likely ransomware-related payments in 2021. Recent high-profile breaches at financial services firm ION Trading UK and a major Asian data center emphasized the grim risk posed by hackers. Even so, the total amount extorted from ransomware victims in 2022 dropped to $456.8 million from $765.6 million the year before, according to data from Chainalysis.
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