More than a quarter of executives reported that their most damaging data breach in the past three years cost their organisation at least $1 million.

60% of organizations have experienced data breaches or theft in software development, AI, and analytics environments, an 11% increase from the previous year.

In 17.0% of cases since 2019, breaches were first reported by external parties.

Between 2019 and 2023, other sectors experienced large losses primarily from ransomware (53.1%), followed by data breaches (25.0%) and other causes (21.9%).

In 6.4% of cases since 2019, the attackers themselves disclosed the breach.

In 42.9% of cases prior to 2019, breaches were first flagged by outside parties such as security firms, regulators, or customers.

Between 2019 and 2023, healthcare experienced large losses primarily from ransomware (57.1%), followed by data breaches (28.6%) and other causes (14.3%).

Between 2019 and 2023, manufacturing experienced large losses primarily from ransomware (86.7%), followed by other causes (10.0%) and data breaches (3.3%).

2021: 29.7% of large losses came from other causes, 23.7% from data breaches, and 46.6% from ransomware. Ransomware overtook all other causes and drove nearly half of the biggest cyber claims.

In 14.3% of cases prior to 2019, the source of detection was miscellaneous or unknown.

2023: 24.0% of large losses came from other causes, 13.3% from data breaches, and 62.8% from ransomware. Ransomware reached a record high, driving almost two-thirds of the largest cyber insurance payouts.

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.

In 7.1% of cases prior to 2019, the hackers themselves revealed the breach.

In 10.6% of cases since 2019, the source of detection was unknown or other.

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.

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.

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%).

2010–2017: 62.3% of large cyber losses came from other causes, 37.7% came from data breaches, and ransomware caused 0.0% of major losses. At this stage, ransomware claims were rare, and most large claims stemmed from breaches and miscellaneous incidents.