Cyber Claim Trends Outlined in Coalition Report
Linn F. Freedman of Robinson & Cole writes:
Cyber liability insurers are in a good position to provide insight into the types of cyber incidents that are hitting the industry. Coalition, a provider of cyber insurance globally, which “serves over 25,000 small and midsize organizations across every sector of the US and Canada,” issued its Cyber Claims Report this week about the claims trends it is experiencing and an analysis of cyber risk based upon those claims.
According to the report, after analyzing thousands of reported incidents, it found that “the majority of losses” fell under breach response coverage, cyber extortion costs coverage, and funds transfer fraud coverage. According to the report, “[T]hese three loss types accounted for 87 percent of reported incidents and 84 percent of claims payouts.”