Between 2019 and 2023, retail experienced large losses primarily from ransomware (50.0%), followed by other causes (30.0%) and data breaches (20.0%).

In 2019, victims paid on average 56.9% of the initial ransom demand.

In 2023, organizations took an average of 32 days to restore operations after a ransomware attack.

Before 2023, 62.8% of backups were affected by ransomware.

Before 2023, 37.2% of backups were not affected by ransomware.

The average duration business operations were affected by ransomware in professional services was 85 days.

In 10.2% of large ransomware claims, the attack vector was either different or unknown.

On average, businesses across all industries experienced 69 days of operational disruption due to ransomware attacks.

In 7.1% of cases prior to 2019, the hackers themselves revealed the breach.

In 10.6% of cases since 2019, the source of detection was unknown or other.

Across all data breach cases combined, the average time to notice an attacker was 45 days since 2019.

In 2020, organizations took an average of 54 days to restore operations after a ransomware attack.

For data breach cases where the attacker was detected by internal IT staff or an outsourced cybersecurity provider (OCP), it took an average of 35 days to notice the attacker since 2019.

For data breach cases where the attacker was detected by a third-party, it took an average of 91 days to notice the attacker since 2019.

Data breach response / crisis management coverage was triggered in 24.5% of all claims overall, with a slightly higher incidence in excess claims (26.7%) compared to primary claims (23.6%).

Extortion coverage was triggered in 11.9% of all claims, showing a significant difference between primary claims(15.6%) and excess claims (3.3%), indicating it is far more common at the primary layer.

Other insuring agreements (average) were triggered as the main driver of loss in 1.6% of claims, triggered with some loss impact in 1.4%, triggered with no loss impact known in 0.5%, and not triggered in 96.6%.

2018: 46.2% of large losses came from other causes, 37.9% from data breaches, and 15.9% from ransomware. Ransomware started to emerge as a meaningful driver of big cyber claims.

In 2020, victims paid on average 37.4% of the initial ransom demand.

Average initial ransom demand (based on all cases with ransom demand) in 2023: $32.25 million.