Cyber Update – Ransomware, BEC Caused Half of All Claims

Ransomware and business email compromise (BEC) caused the most cyber insurance claims over the past five years, accounting for 44% of about 7,000 claims examined in NetDiligence’s Cyber Claims Study. The percentage of claims attributed to these two causes of loss rose to 50% for claims. Of the 7,439 claims across five years examined for the 2022 study, 98% affected small to medium-sized enterprises (SMEs), defined as firms with less than $2 billion in annual revenue.