Today, Coalition serves over 25,000 small and midsize organizations across every sector of the US and Canada. As the fastest growing provider of cyber insurance globally, we have the fortune (and misfortune) of seeing an ever-increasing number of insurance claims. We collected our claims data, analyzed the numbers, and put together a report to share our insights.
Our H1 2020 Cyber Insurance Claims Report explores top cybersecurity trends and threats facing organizations at this moment, in addition to data showing the impact of COVID-19 on cyber insurance claims. After reviewing our claims data, a few things became clear about cyber risk.
Cyber attacks have increased in number and severity since the onset of the COVID-19 pandemic. The changes organizations implemented to facilitate remote work have given cybercriminals new opportunities to launch more unprecedented campaigns, exploiting mass uncertainty and fear.
Our findings indicate that ransomware (41%), funds transfer loss (27%), and business email compromise incidents (19%) were the most frequent types of loss — accounting for 87% of reported incidents and 84% of claims payouts in the first half of 2020. Digging deeper into what ultimately caused these claims, we found that:
We discovered that cyber insurance claims impacted businesses of all types and sizes in the first half of the year. However, certain industries, including consumer businesses (retail, hospitality, and food), healthcare, and financial services were more frequent targets of cyberattacks. Download the full H1 2020 Cyber Insurance Claims Report to see how your industry was affected, plus more information on how to prevent these attacks in the future.
If you are currently appointed with Coalition or a policyholder, you can access the full report from your dashboard.