Majority of cyber insurance ransomware claims are due to BEC

A new report highlights that 60% of cyber insurance claims in 2024 originated from business email compromise (BEC) and funds transfer fraud (FTF) incidents, with ransomware claims remaining costly despite stabilization. Ransom demands dropped by 22% to $1.1 million on average, marking the first time in over two years that the demand fell below this threshold. Robert Jones of Coalition emphasizes the effectiveness of their proactive approach, reducing out-of-pocket costs for policyholders and alerting businesses to security vulnerabilities to prevent future incidents.