Coalition 2023 Cyber Claims Report Mid-Year Update

The Coalition 2023 Cyber Claims Report: Mid-Year Update is a technical report that details the increase in cyber claims amid rising cyber attacks, particularly ransomware. The report indicates that ransomware claims frequency surged by 27% in the first half of 2023, with ransomware accounting for 19% of all reported claims. The severity of ransomware claims also reached a historic high, with average losses exceeding $365,000. Additionally, funds transfer fraud claims frequency increased by 15%, with an average loss amount of over $297,000. The report emphasizes the importance of active cyber insurance in mitigating risks and highlights that Coalition policyholders experienced 64% fewer claims than the industry average. The findings are based on data from organizations across the United States, reflecting the global nature of cyber risk and the necessity for businesses to adopt stronger security measures and better cyber risk management practices.