Through the first half of 2023, cyber insurance rates increased an average of 3.9%, data from Swiss Re showed, continuing a trend of rate moderation that has been accelerating since the start of the year.
The first half of the year also saw cyber insurance claims ticked up 12%, driven by an increase in ransomware and funds transfer fraud, while claims severity increased 42% with an average loss amount of more than $115,000, according to Coalition, Inc.
"The cyberthreat landscape has become more volatile, and, as a result, we've seen claims become more severe and more common than ever," Chris Hendricks, head of Coalition Incident Response, said in a release. "To help prevent these costly and disruptive incidents, organizations need to take an active role in improving their security defenses and make risk management a top priority."
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
