Priya Patel
TLDR:
- Cyber insurance claims increased in 2023, driven by ransomware attacks
- 52% of claims were related to email attacks
A new report by cybersecurity insurance startup Coalition Inc. reveals a rise in cyber insurance claims in 2023, primarily due to ransomware attacks. The report highlights a 13% year-over-year increase in claims, with an average loss amount of $100,000. More than half of these claims were related to business email compromise or funds transfer fraud, emphasizing the importance of email security in cyber risk management.
Despite an increase in ransomware attacks, the severity of these attacks dropped by 54% in the second half of 2023. However, businesses using certain boundary devices were found to be at a greater risk of cyberattacks. Coalition successfully recovered over $38 million in fraudulent transfers, showcasing the potential to mitigate losses through timely intervention and cybersecurity practices.
The report recommends that companies prioritize cybersecurity measures and engage with cyber insurance providers to address cyber threats. It also suggests enhancing email security by training employees to recognize phishing attempts and implementing advanced email filtering technologies. Good cyber hygiene and strong security controls remain vital in protecting against cyberattacks.
