More than 75 percent of all cybersecurity claims in the first half of 2024 were the result of ransomware attacks, funds transfer fraud or compromised business email, a new report shows.
The report, from cyber insurance and cybersecurity company Coalition, examined claims data from the first half of 2024 from businesses across the United States, Canada, the United Kingdom and Australia.
The biggest takeaways:
- Claims frequency dropped to its lowest level since late 2022, but claims severity increased by 14 percent, with the average loss amount reaching more than $120,000.
- For large businesses (those with more than $100 million in revenue), the average claim loss hit an all-time high of nearly $307,000.
- Compromised business emails were responsible for one-third of all claims in the first half of 2024.
- Ransomware attacks – which block access to an account until a ransom is paid – consistently drop off during the summer and increase during the holidays. But while ransomware claims frequency decreased in the first half of 2024, ransomware severity rose by 68 percent to an average of $353,000 per incident.
The whole report can be accessed here.
