"Ransomware Cyber Insurance Claims up by 27%"

According to Coalition, the frequency of cyber insurance claims rose by 12 percent in the first half of 2023. Early in 2023, Coalition discovered that the frequency and severity of business claims increased across all revenue bands. Companies with revenues greater than $100 million experienced the most significant increase (20 percent) in the number of claims, as well as greater losses from attacks. According to Coalition's report, ransomware claims in the first half of 2023 increased by 27 percent from the second half of 2022. In addition, the severity of claims reached an all-time high, increasing 61 percent from the previous half and 117 percent from the previous year. Cybercriminals also increased their ransom demands. The average ransom demand was $1.62 million, which is a 47 percent increase over the previous six months and a 74 percent increase over the past year. This article continues to discuss key findings from Coalition's 2023 Cyber Claims report.

Help Net Security reports "Ransomware Cyber Insurance Claims up by 27%"