Majority of cyber insurance ransomware claims are due to BEC

A new report from cyber insurance specialist Coalition finds the majority of 2024 claims (60 percent) originated from business email compromise (BEC) and funds transfer fraud (FTF) incidents, with 29 percent of BEC events resulting in FTF. Ransomware claims did stabilize in 2024 but they remain the most costly and disruptive type of cyberattack. 'Over the past year, our claims data clearly demonstrates one thing: Active Insurance works,' says Robert Jones, global head of claims at Coalition. 'Combining Coalition's Active Data Graph, which provides a massive amount of data insights, with security tools and incident response helps Coalition prevent claims… [Continue Reading]