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Coalition Finds More Than Half of Cyber Insurance Claims Originate in the Email InboxCoalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today published its 2024 Cyber Claims Report, which details emerging cyber trends and their impact on Coalition policyholders throughout 2023. The report found that more than half (56%) of all 2023 claims were a result of funds transfer fraud (FTF) or business email compromise (BEC), highlighting the importance of email security as a critical aspect of cyber risk management. "Threat actors want to get paid, and the email inbox has proven to be an easy place for an attacker to uncover payment information and potentially intervene in payment processes to steal funds," said Robert Jones, Coalition's Head of Global Claims. "In 2023, Coalition endeavored to make recovering from a cyber incident as painless as possible for our policyholders: We successfully helped claw back more than $38 million in fraudulent transfers and handled 52% of all reported matters without out-of-pocket payments." The report also revealed an increased risk for organizations using boundary devices, such as firewalls and virtual private networks. While these tools can help to reduce cyber risk, using some boundary devices can actually increase the likelihood of a cyber claim if they have known vulnerabilities. For example, Coalition found businesses with internet-exposed Cisco ASA devices were nearly five times more likely to experience a claim in 2023, and businesses with internet-exposed Fortinet devices were twice as likely to experience a claim. "We also found that policyholders using internet-exposed remote desktop protocol were 2.5 times more likely to experience a claim," said Shelley Ma, Incident Response Lead at Coalition's affiliate, Coalition Incident Response. "With new AI tools making it even easier to execute targeted cyber attack campaigns and identify exploitable assets, having an active partner that can help protect your organiztion from digital risk is crucial." This new insight comes following Coalition's Security Labs researchers' discovery of a 59% increase in unique IP addresses scanning for open remote desktop protocol throughout last year. Other key findings from the report include:
Download the full 2024 Cyber Claims Report from Coalition to learn more: https://info.coalitioninc.com/download-2024-cyber-claims-report.html. About Coalition Coalition is the world's first Active Insurance provider designed to help prevent digital risk before it strikes. By combining comprehensive insurance coverage and cybersecurity tools, Coalition helps businesses manage and mitigate potential cyber attacks. Leveraging its relationships with leading global insurers and capacity providers, including Coalition Insurance Company, Coalition offers Active Insurance products to businesses in the U.S., the U.K., Canada, and Australia. Policyholders can receive automated cyber alerts and access expert advice and global third-party risk management tools through Coalition's holistic cyber risk management platform, Coalition Control™. Insurance products are offered by Coalition Insurance Solutions Inc. ("CIS"), a licensed insurance producer and surplus lines broker with its principal place of business in San Francisco, CA (Cal. license #0L76155), acting on behalf of a number of unaffiliated insurance companies and available on an admitted basis through certain carriers. Insurance products offered through CIS and CIC may not be available in all states. CIS may receive compensation from an insurer or other intermediary in connection with the sale of insurance. All decisions regarding any insurance products referenced herein, including approval for coverage, premium, commission, and fees, will be made solely by the insurer underwriting the insurance under the insurer's then-current criteria. All insurance products are governed by the terms, conditions, limitations, and exclusions set forth in the applicable insurance policy. Please see a copy of your policy for the full terms, conditions, and exclusions. Copyright © 2024. All rights reserved. Coalition and the Coalition logo are trademarks of Coalition, Inc. or its affiliates.
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