Coalition’s 2024 Cyber Claims Report Also Reveals Increased Risks Associated with Boundary Devices like Firewalls and VPNs
SAN FRANCISCO–(BUSINESS WIRE)–Coalition, the world’s first Active Insurance provider designed to prevent digital risk before it strikes, today published its 2024 Cyber Claims Report, which details emerging cyber trends and their impact on Coalition policyholders throughout 2023. The report found that more than half (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.
“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. “In 2023, Coalition endeavored to make recovering from a cyber incident as painless as possible for our policyholders: We successfully helped claw back more than $38 million in fraudulent transfers and handled 52% of all reported matters without out-of-pocket payments.”
The report also…
