2024 InsurSec Rankings on Email Security and Financial Fraud

This report presents the 2024 InsurSec Rankings focused on email security and financial fraud, analyzing At-Bay claims and cybercrime data. It identifies email as the primary cyberattack vector for businesses, highlighting its role in facilitating financial fraud, ransomware, and data breaches. The report outlines that in 2023, financial fraud claims averaged $219K in losses, with the most severe cases exceeding $5M. It details that 9 out of 10 financial fraud claims for small and medium-sized businesses originated from email. The report also compares the effectiveness of various email security solutions, noting that Mimecast users experienced 37% fewer incidents compared to the average. Additionally, it discusses the frequency of email claims, which grew by 24% in 2023, and the impact of company size on claim frequency. The findings aim to provide a data-driven assessment of email security solutions to enhance business security and decision-making.