Across all data breach cases combined, the average time to notice an attacker was 45 days since 2019.

In 2020, organizations took an average of 54 days to restore operations after a ransomware attack.

For data breach cases where the attacker was detected by internal IT staff or an outsourced cybersecurity provider (OCP), it took an average of 35 days to notice the attacker since 2019.

For data breach cases where the attacker was detected by a third-party, it took an average of 91 days to notice the attacker since 2019.

Data breach response / crisis management coverage was triggered in 24.5% of all claims overall, with a slightly higher incidence in excess claims (26.7%) compared to primary claims (23.6%).

Extortion coverage was triggered in 11.9% of all claims, showing a significant difference between primary claims(15.6%) and excess claims (3.3%), indicating it is far more common at the primary layer.

Other insuring agreements (average) were triggered as the main driver of loss in 1.6% of claims, triggered with some loss impact in 1.4%, triggered with no loss impact known in 0.5%, and not triggered in 96.6%.

2018: 46.2% of large losses came from other causes, 37.9% from data breaches, and 15.9% from ransomware. Ransomware started to emerge as a meaningful driver of big cyber claims.

In 2020, victims paid on average 37.4% of the initial ransom demand.

Average initial ransom demand (based on all cases with ransom demand) in 2023: $32.25 million.

In 24.6% of large ransomware claims, attackers used phishing to infiltrate systems.

In 2022, victims paid on average 42.0% of the initial ransom demand.

The average duration business operations were affected by ransomware in retail was 32 days.

Extortion was triggered as the main driver of loss in 11.9% of claims (primary 15.6%, excess 3.3%), triggered with some loss impact in 11.6%, triggered with no loss impact known in 9.6%, and not triggered in 66.9%.

2020: 27.3% of large losses came from other causes, 29.2% from data breaches, and 43.4% from ransomware. Ransomware remained a dominant source of costly claims.

2019: 28.1% of large losses came from other causes, 29.2% from data breaches, and 45.1% from ransomware. Ransomware surged and became the leading cause of major cyber claims for the first time.

Ransomware incidents often lead to significant business interruptions, with some level of systems shutdowns occurring in approximately 92% of these cases.

For data breach cases where the attackers themselves disclosed the breach, it took an average of 38 days to notice the attacker prior to 2019.

Between 2019 and 2023, professional services experienced large losses primarily from ransomware (75.0%), followed by data breaches (14.3%) and other causes (10.7%).

Companies with revenues up to $250M had an average relative frequency of large claims on primary policies of 0.45.