An FFT occurs when an actor utilizes tactics to gain the trust of an employee or company and convince them to send money to a bank account the fraudster controls. (Credit: davidevison – Fotolia) An FFT occurs when an actor utilizes tactics to gain the trust of an employee or company and convince them to send money to a bank account the fraudster controls. (Credit: davidevison – Fotolia)

Ransomware is a well-known scourge in the cyber world, with these claims averaging $256,000 each. Those big, scary dollar amounts grab headlines, but the Risk Insights Index from Corvus reveals one of the most significant drivers of cybercrime is actually fraudulent fund transfer (FFT), which comprised 36% of the company's cyber claims in the third quarter of 2022. While these claims typically aren't as financially destructive as ransomware attacks individually, they still pack a punch at an average of $90,000 in losses for each attack.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.

Brittney Meredith-Miller

Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].