Ransomware attacks are the biggest cyber threat facing organisations, according to specialist insurer Beazley.

In its latest Beazley Breach Insights report, the insurer said the total cost of ransom payments doubled year-on-year through the first six months of 2020, based on incidents reported to Beazley’s in-house breach response team, BBR Services.

Paul Bantick, global head of cyber and technology at Beazley, said: “In an incredibly challenging year in which ransomware has become the biggest cyber threat to impact individuals and organisations alike, the severity of ransomware attacks has continued to escalate.

“Our underwriting, claims and threat intelligence database shows that ransomware attacks are much more sophisticated and severe, thus, it is critical that organisations adopt a layered approach to security and take stringent measures to make it hard for threat actors at every step.”

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