Cybersecurity challenges faced by insurance industry

The big phish

Whaling attacks targeting insurers have grown by over 100% in a year.

Vendors are at risk

Over 88% of insurance leaders rely on third-party service providers for critical operational tasks.

Where's my claim?

Ransomware contributed as the number one cause of loss in almost 6000 cyber insurance claims with the average ransom increasing to $ 247,000.

It's all about data

Data breach remains the number one cybersecurity risk for insurance organizations.

A lucrative target

In about 2% of cyber insurance claims the total cost of a breach exceeded $100 million.

Small firms on the line

99% of all insurance claims costs came from SMEs, a total of $ 357 million in losses in 2023.