56% of all 2023 claims were a result of funds transfer fraud (FTF) or business email compromise (BEC), 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.
Some boundary devices increase the likelihood of a cyber claim
The report also revealed an increased risk for organizations using boundary devices, such as firewalls and virtual private networks (VPNs). 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.
For example, Coalition found businesses with internet-exposed Cisco ASA devices were nearly five times more likely to experience a claim in 2023, and businesses with internet-exposed Fortinet devices were twice as likely to experience a…
