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CyberCube Technical Briefing

An Applied Threat Intelligence Study on Ransomware Risk

Cyber (re)insurers have many concerns to keep them up at night. From the democratization of malware to the Ransomware-as-a-Service (RaaS) business model by criminal threat actors and the world’s continued adoption of digital solutions, the risk of malicious or accidental losses is growing daily. (Re)insurance leaders face many challenges as they navigate these forces, but they must always be able to answer two fundamental questions: what could go wrong confidently and are we prepared?

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Despite an ever changing and complex threat landscape, only a handful of threat actors are behind a disproportionate number of breaches and losses. For example, according to Abnormal Security, the five most active groups were responsible for more than half of ransomware attacks from mid-2020 to mid-2021, and the top three groups accounted for 48% of ransomware attacks in Q3 2022.

In this white paper, we will give an overview of the Ransomware-as-a-Service (RaaS) business model, outline our approach to identifying the highest-risk companies to a specific RaaS threat actor group, and share the results of this approach when applied to a proxy portfolio index.

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