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Cyber claims frequency, severity up in 2023's first half

Review five ways businesses can actively address growing cyber risks.

Ransomware monetary demands also saw a big increase, growing 47% during the past six months and 74% year-on-year to reach $1.62 million, on average, Coalition, Inc. reported. Credit: Yurii Kibalnik/Adobe Stock Ransomware monetary demands also saw a big increase, growing 47% during the past six months and 74% year-on-year to reach $1.62 million, on average, Coalition, Inc. reported. Credit: Yurii Kibalnik/Adobe Stock

Cyber insurance claims ticked up 12% through the first half of 2023, driven by an increase in ransomware and funds transfer fraud (FTF), while claims severity increased 42% with an average loss amount of more than $115,000, according to Coalition, Inc.

During the period, ransomware-related claims frequency was up 27%, with May seeing the most ransomware claims of any single month in Coalition’s history. The company reported ransomware claims severity reached a record high in 2023’s first half, reaching beyond $365,000. During the six-month period, ransomware-related claims severity was up 61% and more than 115% year-on-year.

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Steve Hallo

Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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