"Volume of Cyber-Insurance Claims Reaches New Heights"

According to the insurance broker Marsh, cyber insurance claims reached all-time highs in 2023, with over 1,800 claims coming from the US and Canada. The growth in sophisticated cyberattacks, privacy claims, and organizations buying cyber insurance, as well as the MOVEit file transfer supply chain breach contributed to this rise. Healthcare led claims with 17 percent, followed by communications (16 percent), education (9 percent), retail/wholesale (8 percent), and financial institutions (8 percent). In 2023, 282 clients reported cyber extortion, up from 172 in 2022. Median extortion payments grew from $335,000 to $6.5 million. This article continues to discuss the increase in cyber insurance claims across the US and Canada.

Dark Reading reports "Volume of Cyber-Insurance Claims Reaches New Heights"

Submitted by grigby1