Through the first half of 2023, cyber insurance rates increased an average of 3.9%, data from Swiss Re showed, continuing a trend of rate moderation that has been accelerating since the start of the year.
The first half of the year also saw cyber insurance claims ticked up 12%, driven by an increase in ransomware and funds transfer fraud, while claims severity increased 42% with an average loss amount of more than $115,000, according to Coalition, Inc.
"The cyberthreat landscape has become more volatile, and, as a result, we've seen claims become more severe and more common than ever," Chris Hendricks, head of Coalition Incident Response, said in a release. "To help prevent these costly and disruptive incidents, organizations need to take an active role in improving their security defenses and make risk management a top priority."
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
