Ransomware continues to impact businesses around the world, but most attacks hit targets in the U.S. However, this trend is shifting as ransomware is starting to slightly slow in the U.S., while picking up in other regions, according to cyber defense solutions provider Mandiant. In Europe, the number of ransomware victims is increasing and if that trend continues during 2023, the EU would become the most targeted region. According to Richard Kerr, CEO of MarketScout, despite more capacity coming into the cyber market, the sector is still seeing rates grow. Rates for cyber liability coverage were up 23% during the most recently concluded quarter, according to MarketScout. This news comes as research shows that businesses are still struggling to understand cyber insurance. According to Nationwide, 83% of insurance agents said most of their clients believe the chance of becoming the victim of a cyberattack is small, and 73% stated they aren't even sure their clients are aware cyber risk coverage exists. Despite businesses' lack of knowledge about cyber insurance, 67% of independent agents and 69% of commercial lines agents surveyed said their clients are at least moderately concerned their business could experience a cyberattack. The above slideshow reviews other predictions Mandiant has for cyber risks in 2023. Related: |

• 7 ways cyber threats can hurt your business
• Cybersecurity in financial services: Bad password hygiene, shadow IT
• Cyber insurance is no longer a "get-out-of-jail-free card"