Outdated technology, poor software maintenance, and the dreaded clicking of a malicious link were most to blame for cyber insurance claims experienced by policyholders in 2022, according to a new report from Coalition.
“Threat actors are forever looking for targets with weak security controls or unprotected infrastructures – these are the paths of least resistance into a company’s network,” said Catherine Lyle, Coalition’s head of claims. “Unfortunately, that’s why human inaction, such as not patching a publicized critical vulnerability or updating out-of-date software, is a high risk factor for a cyber incident or cyber claim.”
Overall claims frequency in 2022 was down 22% compared to the prior year, said Coalition in its latest Cyber Claims Report. Claims severity increased 7% to an average loss of nearly $169,000.
Claims at Coalition involving ransomware dropped 54% year-over-year and ransom demands decreased from $1.2 million in 2021 to $1 million in 2022. Last year, funds transfer fraud (FTF) and business email compromise (BEC) unseated ransomware as the leading causes for a claim, as phishing…
