Ransomware claims reduced by 65% with automated RDP risk detection, claims insurtech Corvus

Artificial Intelligence-driven commercial insurtech Corvus has revealed a "dramatic reduction" in ransomware claims both among new policies and its existing policy base with the use of its new technology, which detects and alerts on remote desktop protocol (RDP) vulnerabilities — said to be the most common entry point for ransomware attacks.

The company has revealed a 65 percent reduction in the overall rate of ransomware claims, and zero RDP-caused ransomware claims in new policies from the new version of its Corvus Scan.

The scan analyses various IT security assets in order to provide actionable, prioritised IT security recommendations and alerts policyholders to new risk exposures that arise out of changes in the external environment or the policyholder’s internal defenses.

According to the insurtech, ransomware claims account for 24 percent of all cyber insurance claims, which have been growing in frequency and severity. RDP exposures are a leading cause of ransomware attacks; according to Coveware, there is a 42 percent increase in ransomware attacks when RDP is used.

Bill Siegel, CEO of Coveware, a ransomware incident response firm, said: “The results are staggering. This initiative not only helps Corvus policyholders avoid attacks, but decreases the available supply of stolen RDP credentials on the dark market. A decrease in supply directly translates to an increase in cost to the cybercriminals.

"It’s a perfect example of how insurance can serve its primary purpose of financial risk transfer, while also nudging the entire cyber ecosystem towards a safer place."

Mike Karbassi, head of cyber underwriting at Corvus, said: “We’re excited to report on the success of this new initiative and are looking forward to continuing on its early momentum to further help the industry with the massive concern ransomware presents. We’re pleased with the early results and know that this type of vulnerability has historically been a pain point for our clients.”