Ransomware, Governance, Risk and Compliance, Cybersecurity insurance

Ransomware triggers cyberinsurance claims increase

What if we made paying the ransom illegal?

Cyberinsurance claims increased 13% year-over-year in 2023, with the 10% rise in overall claims severity attributed to mounting ransomware attack claims during the first six months of the year, reports SiliconAngle.

Such growth in cyberinsurance claims comes amid a 54% reduction in ransomware attack severity that was caused by a steep decline during the second half of the year, a report from Coalition showed. Meanwhile, business email compromise and fund transfer fraud accounted for over 50% of all claims last year. The findings have prompted Coalition to recommend an increased focus on implementing corporate cybersecurity initiatives, including email filtering systems and email security training for employees.

"We continue to see a direct correlation between the technologies businesses use and the risks associated with cyber insurance claims. Security controls and services, like multi-factor authentication and managed detection and response, can help businesses stay one step ahead of threat actors," said the report.

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