Fraud and ransomware dominate cyber insurance claims

Ransomware accounts for 23 percent of cyber insurance claims, while while fraudulent funds transfer (FFT) accounts for 28 percent according to insurance specialist Corvus, which has released its latest Risk Insights Index. The impact and consistency of FFT is growing, accounting for 36 percent of all claims in the last quarter (Q3 2022), an all-time high. Indeed this metric has not dropped below 25 percent for the past six quarters. The rise in FFT incidents is linked to business email compromise (BEC), with FFT representing 70 percent of all BEC-related claims, showing that it's a highly effective way for threat… [Continue Reading]