News & Updates
Why is cyber coverage so important? According to Coalition’s 2024 Cyber Claims Reports, an increase in cyberattack claims frequency was seen across all revenue bands, with businesses between $25 million and $100 million in revenue seeing the sharpest spike (32%). Businesses with more than $100 million in revenue saw a 14% increase in frequency, while businesses with less than $25 million in revenue experienced an 8% increase.
There are many incidents that can lead to a cyber loss. Over half of all cyber insurance claims in 2023 were the result of either funds transfer fraud or business email compromise. Ransomware and other cyber event claims, such as misuse and errors, are also on the rise. Global ransomware payouts have hit $1 billion. “With new AI tools making it even easier to execute targeted cyberattack campaigns and identify exploitable assets. Policyholders using internet-exposed remote desktop protocol were 2.5 times more likely to experience a claim," said Shelley Ma, incident response lead at Coalition's affiliate, Coalition Incident Response.
Firewalls, virtual private networks (VPNs), and other boundary devices can help reduce cyber threats, but it is important to talk to your insurance agent about cyber coverage as well!
