More than half of U.S. companies filed a cyber-claim in 2024, according to a recent report by Delinea. The frequency of cyber insurance claims remains high, with 62% filing a claim during the last 12 months and more than 27% filing multiple claims. Recently, a Nationwide survey showed small business owners often misjudge cyberattack recovery costs. Sixty-five percent believe costs would be $5,000 or less, the data showed, and 20% think they'd recover in under a month. Meanwhile, six in ten small businesses believe their non-cyber insurance provides coverage for breaches, ransomware incidents and other digital loss events. Only 42% of small business owners report having cyber insurance coverage. Other key insights from the Nationwide survey include:
  • Twenty-six percent of small business owners report being targeted by AI-driven scams in the past year, most commonly describing the attacks as attempted fraud using email, voice or video impersonations of senior-level employees.
  • Fifty-two percent of owners admit being personally duped by deepfake images or videos in the past year.
  • Nine out of ten survey respondents want more support to protect against increasingly sophisticated attacks.
Meanwhile, some cybercriminals use phishing to impersonate the biggest names in tech when perpetrating an attack. The most common brands are Microsoft, Adobe and Meta, with 45% of the phishing emails containing hyperlink payloads; 23% including malicious attachments; 20% relying on social engineering; and 12% containing a QR code. The slideshow above illustrates five things impacting the rate of cyber insurance claims as selected by Astra. See also:
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.