Through the first half of 2023, cyber insurance rates increased an average of 3.9%, data from Swiss Re showed, continuing a trend of rate moderation that has been accelerating since the start of the year. The first half of the year also saw cyber insurance claims ticked up 12%, driven by an increase in ransomware and funds transfer fraud, while claims severity increased 42% with an average loss amount of more than $115,000, according to Coalition, Inc. "The cyberthreat landscape has become more volatile, and, as a result, we've seen claims become more severe and more common than ever," Chris Hendricks, head of Coalition Incident Response, said in a release. "To help prevent these costly and disruptive incidents, organizations need to take an active role in improving their security defenses and make risk management a top priority." The above slideshow reviews some of the biggest cyber insurance misconceptions to share with clients so they are better able to manage digital risks. Related: |
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
