Claims Journal reports:
Ransomware claims severity spiked by 68% to an average loss of $353,000, according to a new report by a cyber insurance provider.
Coalition published its 2024 Cyber Claims Report: Mid-year Update, which details emerging cyber trends and their impact on policyholders through the first half of 2024.
The frequency of using ransomware as an attack strategy decreased the half, but there was a spike in the severity and demand amounts, especially those associated with the Play and BlackSuit ransom variants,”
Funds transfer fraud saw a notable decrease in frequency (2%) and severity (15%), according to the report.
https://www.claimsjournal.com/news/national/2024/10/10/326743.htmRead more at Claims Journal.
