Despite claims severity remaining stable in 2024, proactive cyber security measures show a measurable impact in claims frequency: Coalition reports.
Email-based attacks dominated the cyber threat landscape in 2024, with business email compromise (BEC) and funds transfer fraud (FTF) accounting for a combined 60% of all cyber insurance claims, according to Coalition’s analysis of its 2024 claims data.
Ransomware events, though representing only 20% of claims, inflicted the most financial damage with average losses of $292,000 per incident—significantly higher than FTF ($185,000) and BEC ($35,000) events, Coalition found.
Businesses taking a more active approach to managing cyber risk are experiencing greater success in reducing both the frequency and severity of threats, according to Coalition.
“Over the past year, our claims data clearly demonstrates one thing: active insurance works,” said Robert Jones, Global Head of Claims at Coalition. “Combining Coalition’s Active Data Graph, which provides a massive amount of data insights, with security tools and incident…
