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.