Cyber insurance
Cybersecurity statistics about cyber insurance
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37.2% of large losses came from other causes, 16.0% from data breaches, and 46.6% from ransomware. While other causes ticked up, ransomware continued to generate nearly half of the most expensive claims.
In 66.0% of data breach cases since 2019, the company’s own IT team or outsourced service providers discovered the attack.
Across all data breach cases combined, the average time to notice an attacker was 90 days prior 2019.
Business interruption was triggered as the main driver of loss in 17.5% of claims (primary 15.1%, excess 23.3%), triggered with some loss impact in 12.6%, triggered with no loss impact known in 7.3%, and not triggered in 62.6%.
Nearly half of small healthcare practices lack sufficient cyber insurance
Ransomware claims in 2024 declined by 31% compared to 2023.
System infiltration accounted for 7% of cyber claims. This excludes extortion and data breach events.
March 2025 held the highest volume of public ransomware cases of all time.
29% of BEC events resulted in funds transfer fraud in 2024.
The average ransom demand in the latter half of 2024 fell below $1 million for the first time in more than two years.
Although the amounts paid by UK ransomware victims continued to rise in 2024, extortion negotiations involving ransomware experts remained generally effective, often resulting in reductions of over 60% from the initial demands to the final payment.
BEC claims severity increased by 23% in 2024.
UK cyber claims in 2024 decreased by 20% compared to the spike seen in 2023.
Despite the 20% decrease from 2023, UK cyber claims in 2024 remained approximately one-third higher than the totals recorded for 2020, 2021, and 2022.
Black Basta accounted for just 3% of all ransomware claims in 2024.
Ransomware claims in 2024 declined by 31% compared to 2023.
Cyber insurance claims frequency decreased by 7% year-over-year (YoY).
44% of cyber insurance policyholders that experienced a ransomware incident opted to pay the ransom when deemed reasonable and necessary.
59% of enterprises have adopted at least one new security solution at the request of their cyber insurance provider.
Data breaches accounted for 17% of claims. This includes hostile and accidental external breaches, but excludes extortion.