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Cyber trends to watch in 2022

10 November 2021 Allianz Global Corporate & Specialty (AGCS)

Cyber intrusion activity globally jumped 125% in the first half of 2021 compared with the previous year, according to Accenture [1], with ransomware and extortion operations top two contributors behind this triple?digit increase. There is little evidence that ransomware attacks show any sign of letting up. Weak cyber security, challenging conditions for law enforcement and cryptocurrencies are creating fertile ground for criminals, who continue to find lucrative rewards with little risk of prosecution.

The frequency and severity of attacks has escalated in the past two years. According to the Federal Bureau of Investigation (FBI) [2] there was a 62% increase in ransomware incidents through the first six months of 2021 in the US, which followed a 20% increase in the number of incidents for the whole of 2020 and a 225% increase in ransom demands. Globally, across 2021 ransomware attacks are estimated to cost businesses around $20bn, according to Cybersecurity Ventures [3], a total predicted to reach $265bn by 2031.

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