“(O)verall claims frequency decreased by 22% year-over-year. Furthermore, Coalition policyholders experienced 64% fewer claims
than the broader cyber market1, with 47% of reported events handled with
no cost to the policyholder
A less-sophisticated crime, funds transfer fraud (FTF) unseated
ransomware as the leading event type, accounting for nearly one-third
of all claims. Notably, ransomware saw a sharp decline among all
reported claims, while business email compromise (BEC) remained
steady.”
Unfortunately it appears ransomware attacks may be increasing this year…
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This report aims to help educate brokers on the most prevalent cyber incidents, how to help their clients reduce cyber risk exposure, and why Active Insurance is a better model of protection for evolving digital risks.
Source: Download Here: Coalition’s 2023 Cyber Claims Report