One of the very scariest cyber threats this year may be the terrifying rise of ransomware attacks. But 2020 hasn't just seen ransomware cases rise in terms of frequency, it has also been the year of the most severe attacks we've seen to date, with ransom demands soaring into the hundreds of thousands and even millions of dollars in some cases. Partly to blame is the new trend in many ransomware variants to exfiltrate data as well as encrypt it. This means that even if a business can successfully recover data from backups, if the ransom demand is not paid, that business will have to reckon with the regulatory costs and reputational impact of the release of sensitive data. CFC's cyber claims data from the last 12 months reflects this. Globally, ransomware attacks accounted for 31% of our claims by frequency. However, these events accounted for 73% of what was paid out, making them disproportionately severe. Ransomware is a cyber risk that cyber insurers, brokers, and businesses everywhere are going to need to grapple with in the coming year.