The frequency and severity of cyber insurance claims rose for businesses in the first half of 2023 amid ransomware, funds transfer fraud (FTF), and business email compromise (BEC) attacks. That’s according to Coalition’s 2023 Cyber Claims Report: Mid-year Update, which aggerates US claims and incident data. The insurance provider found that companies with over $100 million in revenue saw the largest increase (20%) in the number of claims as well as more substantial losses from attacks, with a 72% increase in claims severity compared to the second half of 2022.
The cyber insurance landscape is becoming progressively complex. As the frequency and severity of attacks increase, demand for and conditions relating to coverage have evolved.
