Faceless computer hacker. Hackers follow paths of least resistance and streams that yield the greatest revenue. They are constantly changing their approaches, and insurers need to be just as nimble. (Photo: gopixa/Adobe Stock)

Few are surprised to learn that the volume of cyber insurance claims continues to climb — our own shop saw a year-over-year increase of 20%. However, what is surprising to many, is the composition of those claims.

We’re seeing both anecdotal and measurable evidence indicating a sizable drop in claims due to ransomware specifically. Among our clients, just 9% of cyber claims so far in 2022 have been due to ransomware. By comparison, 30% of the claims we saw in 2021 were sparked by cyberattacks. Whereas the attack vector was once the top category in cyber insurance claims, we now see it rank third or fourth, depending on the month.

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