The frequency and severity of cyber insurance claims both increased for businesses in 1H 2023, a new report has found.
Coalition has released its 2023 Cyber Claims Report: Mid-year Update, which details the evolution of cyber trends during the first half of 2023.
In the face of surging attacks, Coalition’s claims data showed a 12% increase in cyber claims over the first six months of the year, driven by the notable spikes in ransomware and funds transfer fraud (FTF).
The Mid-year Update found that both claims frequency and severity rose for businesses in early 2023 across all revenue bands. Companies with over $100 million in revenue saw the largest increase (20%) in the number of claims as well as more substantial losses from attacks – with a 72% increase in claims severity from 2H 2022.
“The cyber threat landscape has become more volatile, and, as a result, we’ve seen claims become more severe and more common than ever,” says Chris Hendricks, Head of Coalition Incident Response.
“To help prevent these costly and disruptive incidents, organisations need to take an active role in improving their security defenses and make risk management a top…
