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Overall cyber claims frequency increased 13% in 2023, while claims severity increased 10%, according to Coalition, Inc.
The average coverage gap was 350%, meaning more than three-quarters of the cyberattack was not covered.
The RansomHub cybercriminal hacking group followed through on threats to share sensitive records stolen from Change Healthcare, despite the firm allegedly paying a $22 million ransom.
The 2024 Cybersecurity Benchmarking Survey shows top cyber concerns for insurers and policyholders.
Insurers now issue stricter policy language and insert more sub-limits and exclusions into cyber coverage.
Protecting their property may be more expensive and complicated than it used to be.
Considering all of the personal identifiable information insurers collect and store, cyber safeguards are imperative.
Review five ways businesses can actively address growing cyber risks.
In addition to ransomware, insureds must contend with social engineering, online scams, state-sponsored attacks and more.
The U.S. saw 43% of global ransomware attacks from July 2022-June 2023, according to Malwarebytes.
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