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Submission: On June 13 via api from TR — Scanned from DE
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* Log In * Sign Up * * News * Magazine Features * Opinions * News Features * Interviews * Editorial * Blogs * Reviews * Slackspace * Next-Gen Infosec * Webinars * White Papers * Podcasts * Industry Events & Training * Magazine Events * Online Summits * Company Directory * Application Security * Automation * Big Data * Business Continuity * Cloud Security * Compliance * Cybercrime * Data Protection * Digital Forensics * Encryption * Human Factor * Identity Access Management * Industry Announcements * Internet Security * Malware * Managed Services * Mobile Security * Network Security * Payment Security * Physical and Information Security Convergence * Privacy * Risk Management * The Internet of Things * Log In * Sign Up * * News * Topics * Features * Webinars * White Papers * Podcasts * EventsEvents & Conferences * Directory * * Infosecurity Magazine Home » News » Cyber Insurance Claims Hit Record High in North America CYBER INSURANCE CLAIMS HIT RECORD HIGH IN NORTH AMERICA News 13 Jun 2024 WRITTEN BY JAMES COKER Deputy Editor, Infosecurity Magazine * Follow @ReporterCoker * * * Cyber insurance claims in North America reached record levels in 2023, according to insurance broker Marsh. The firm received over 1800 cyber claim reports from clients in the US and Canada, more than any other year. It said this increase was driven by a range of factors: * The growing sophistication of cyber-attacks * The scale of the MOVEit file transfer supply chain incident * Privacy claims * An increasing number of organizations purchasing cyber insurance Around a fifth (21%) of clients reported at least one cyber event in 2023, a small increase on 2022 (18%). The proportion of covered companies reporting at one or more cyber events has remained relatively consistent over the past five years, staying between 16% and 21%. The healthcare industry has consistently submitted the highest number of cyber insurance claims from 2020-2023, Marsh found. Healthcare made up 17% of all claims last year, followed by communications (16%), education (9%), retail/wholesale (8%) and financial institutions (8%). CYBER EXTORTION HITS RECORD LEVELS The report showed that 282 clients reported at least one cyber extortion event, including ransomware, in 2023. This was a significant rise compared to 2022 when 172 companies reported such events, which was lower than the previous two years. One potential factor behind the resurgence in cyber extortion events is the growing shift towards data exfiltration away from encryption by attackers, and the emergence of a new ransomware-as-a-service (RaaS) model. Source: Marsh Median extortion payments also surged in 2023 compared to 2022, rising from $335,000 to $6.5m. Median extortion demands by threat actors increased from $1.4m to $20m in the same period. Marsh noted that extortion negotiations are effective in reducing the final ransom paid. However, the percentage of the median demand paid increased from 24% in 2022 to 32% in 2023. Encouragingly though, the percentage of companies that paid a ransom demand fell to 23% in 2023, down from 30% in 2022. This continued a longer-term trend, with the proportion of victims that paid demands far higher in 2020 and 2021 (68% and 63%, respectively). Source: Marsh Marsh emphasized that the proportion of cyber extortion claims has remained under 20% of total reported cyber claims, with privacy claims and system attacks leading to unauthorized access and potentially exposed data without an extortion component comprising a much larger share. YOU MAY ALSO LIKE 1. ENISA: RANSOMWARE MAKES UP OVER HALF OF HEALTHCARE CYBER-THREATS News7 Jul 2023 2. ASCENSION ATTACK CAUSED BY EMPLOYEE DOWNLOADING MALICIOUS FILE News13 Jun 2024 3. HEALTHCARE RANSOMWARE ATTACKS COST US $78BN News24 Oct 2023 4. RANSOMWARE AND CYBER-INSURANCE: WHAT IT MEANS FOR YOU AND YOUR COMPANY Opinion3 Mar 2017 5. DON'T WANNACRY AGAIN? HERE'S HOW TO PREVENT IT Blog11 May 2018 WHAT’S HOT ON INFOSECURITY MAGAZINE? * Read * Shared * Watched * Editor's Choice THREAT ACTOR BREACHES SNOWFLAKE CUSTOMERS, VICTIMS EXTORTED News11 Jun 2024 1 PHISHING ATTACKS TARGETING US AND EUROPEAN ORGANIZATIONS DOUBLE News11 Jun 2024 2 NVIDIA AND ARM URGE CUSTOMERS TO PATCH BUGS News11 Jun 2024 3 UK POLICE ARREST TWO PEOPLE FOR SMISHING VIA FAKE CELL TOWER News11 Jun 2024 4 UK AND CANADIAN PRIVACY REGULATORS INVESTIGATE 23ANDME News11 Jun 2024 5 IOT VULNERABILITIES SKYROCKET, BECOMING KEY ENTRY POINT FOR ATTACKERS News10 Jun 2024 6 WHY CULTURE IS THE BEDROCK OF CYBERSECURITY Opinion20 May 2024 1 EMAILGPT EXPOSED TO PROMPT INJECTION ATTACKS News7 Jun 2024 2 #INFOSEC2024: RANSOMWARE ECOSYSTEM TRANSFORMED, NEW GROUPS “CHANGING THE RULES” News6 Jun 2024 3 #INFOSEC2024: HOW TO CHANGE SECURITY BEHAVIORS BEYOND AWARENESS TRAINING News6 Jun 2024 4 #INFOSEC2024: WHY HUMAN RISK MANAGEMENT IS CYBERSECURITY'S NEXT STEP FOR AWARENESS News28 May 2024 5 NVIDIA AND ARM URGE CUSTOMERS TO PATCH BUGS News11 Jun 2024 6 HOW TO OPTIMIZE THIRD-PARTY RISK MANAGEMENT PROGRAMS THROUGH NIST CSF 2.0 Webinar16 May 2024 1 HOW TO PROACTIVELY REMEDIATE RISING WEB APPLICATION THREATS Webinar30 May 2024 2 EXPERIENCING A DDOS SIMULATION TO ENHANCE DEFENSES Webinar2 May 2024 3 HOW TO UNLOCK FRICTIONLESS SECURITY WITH DEVICE IDENTITY & MFA Webinar11 Apr 2024 4 LEARN FROM THE NHS - PROACTIVE PASSWORD SECURITY FOR IMPROVED CYBERSECURITY Webinar16 May 2024 5 SECURING APIS IN THE CLOUD FRONTIER Webinar20 Mar 2024 6 #INFOSEC2024: CLAIRE WILLIAMS ON LEADERSHIP, CULTIVATING A HIGH PERFORMING TEAM AND OVERCOMING ADVERSITY (VIDEO) Interview6 Jun 2024 1 #INFOSEC2024: NAVIGATING THE RANSOMWARE TOLL ON VICTIMS WITH JASON NURSE (VIDEO) Interview6 Jun 2024 2 #INFOSEC2024: AI RED TEAMING PROVIDER MINDGARD NAMED UK'S MOST INNOVATIVE CYBER SME News6 Jun 2024 3 #INFOSEC2024: CYBER RESILIENCE MEANS BEING WILLING TO LEARN FROM A CRISIS News7 Jun 2024 4 #INFOSEC2024: EXPERTS SHARE HOW CISOS CAN MANAGE CHANGE AS THE ONLY CONSTANT News6 Jun 2024 5 #INFOSEC2024: 104 EU LAWS HAVE DIFFERENT DEFINITIONS OF CYBERSECURITY News5 Jun 2024 6 THE MAGAZINE * About Infosecurity * Meet the team * Contact us ADVERTISERS * Media pack CONTRIBUTORS * Forward features * Op-ed * Next-gen submission * * * * Copyright © 2024 Reed Exhibitions Ltd. * Terms and Conditions * Privacy Policy * Intellectual property statement * Cookies Settings * Cookie Policy * Sitemap We use cookies to analyse and improve our service, to improve and personalise content, advertising and your digital experience. 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