Security News > 2023 > September > Ransomware cyber insurance claims up by 27%

Overall cyber insurance claims frequency increased by 12% in the first half of 2023, according to Coalition.

Companies with over $100 million in revenue saw the largest increase in the number of claims as well as more substantial losses from attacks - with a 72% increase in claims severity from 2H 2022.

"The cyber threat landscape has become more volatile, and, as a result, we've seen claims become more severe and more common than ever," said Chris Hendricks, Head of Coalition Incident Response.

Coalition's report also saw a resounding increase in ransomware claims frequency in 1H 2023, which grew by 27% from 2H 2022.

FTF claims frequency increased by 15% in 1H 2023, and FTF severity increased by 39% to an average loss of more than $297,000.

Overall, companies using Google Workspace experienced a 25% risk reduction for FTF or BEC claims and a 10% risk reduction for ransomware claims.

News URL

https://www.helpnetsecurity.com/2023/09/22/ransomware-cyber-insurance-claims-h1-2023/