This past year saw cyber insurance claims frequency up 13% year-on-year and claims severity increased 10%, according to Coalition's 2024 Cyber Claims Report. Credit: JustSuper/Adobe Stock
Funds transfer frauds (FTF) and business email compromises each accounted for 28% of cyber insurance claims in 2023, according to Coalition, Inc. Ransomware accounted for 19% of claims, while other events such as errors and misuse resulted in 25% of claims during the year.
These findings, which were drawn from Coalition policyholder claims, underscore the importance of robust email cybersecurity measures, particularly as digital inboxes remain vulnerable targets for hackers.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
