According to Beazley, a data breach response insurance company, based on the first nine months of 2016, it is expected that the number of ransomware attacks this year will be four times higher than last year. During the first nine months of 20126, Beazley managed 1,437 data breaches for clients, compared with 931 breaches during the same period last year.

Katherine Keefe, Global Head of Beazley Breach Response Services, stated “From what we are seeing, it appears that many hackers are finding it easier to make money by holding companies to ransom for bitcoin than through selling personal data on the dark web. But the persistently high levels of hacking and malware attacks of all kinds are a reminder that organizations across all industries, and of all sizes, need actionable plans ready to implement when a breach occurs.”

Beazley also reported the following 2016 breach statistics:

Beazley clients experienced 52 ransomware attacks in July and August of this year, this is more than all of 2015 (43).

Beazley found that 31% of 2016 data breaches were derived from hacking and malware attacks. This is in line with 2015 observations.

Financial institutions are seeing a higher proportion of breaches caused by hacking or malware.

In the healthcare industry, human error presents a large risk. To date, 40% of healthcare breaches were caused by unintended disclosure. This is up from 28% for the same time frame in 2015.

Hackers or malware caused 28% of healthcare breaches in 2015. This number is down to 19% so far in 2016.