Security News > 2024 > April > 56% of cyber insurance claims originate in the email inbox

56% of all 2023 claims were a result of funds transfer fraud or business email compromise, highlighting the importance of email security as a critical aspect of cyber risk management, according to Coalition.

The 2024 Cyber Claims Report is based on reported claims data from January 1 to December 31, 2023.

"Threat actors want to get paid, and the email inbox has proven to be an easy place for an attacker to uncover payment information and potentially intervene in payment processes to steal funds," said Robert Jones, Coalition's Head of Global Claims.

While these tools can help to reduce cyber risk, using some boundary devices can actually increase the likelihood of a cyber claim if they have known vulnerabilities.

Overall claims frequency increased 13% year-over-year, and overall claims severity increased 10% YoY, resulting in an average loss of $100,000.

Claims frequency increased across all revenue bands, with businesses between $25 million and $100 million in revenue seeing the sharpest spike.

News URL

https://www.helpnetsecurity.com/2024/04/25/cyber-claim-increase/