Ransomware cyber insurance claims rose by 27%

Computer, keyboard and tapes with pink lighting

Image via Unsplash

Cyber insurance claims and trends were analyzed in a recent report by Coalition. The report found a 12% increase in cyber claims over the first six months of the year, driven by spikes in ransomware and funds transfer fraud (FTF).

The report found that both claims frequency and severity rose for businesses in early 2023 across all revenue bands. Companies with over $100 million in revenue saw the largest increase (20%) in the number of claims as well as more substantial losses from attacks with a 72% increase in claims severity from 2H 2022.

The report also saw an increase in ransomware claims frequency in 1H 2023, which grew by 27% from 2H 2022. Claims severity also increased 61% from the previous half and 117% over last year. The average ransom demand was $1.62 million, a 47% increase over the previous six months and a 74% increase over the past year.

Read the full report here.

ON DEMAND: Business-impacting events such as severe weather, man-made disasters, and supply chain disruption are increasing in frequency and making impacts around the globe.

In today's rapidly evolving security landscape, organizations face an ever-growing array of disruptive events, security threats and risks. Traditional reactive approaches to security intelligence often leave businesses vulnerable and ill-prepared to anticipate and mitigate emerging threats that could impact the safety of their people, facilities or operations.