Companies with revenues above $2B had an average relative frequency of large claims on primary policies of 1.86.

2021: 29.7% of large losses came from other causes, 23.7% from data breaches, and 46.6% from ransomware. Ransomware overtook all other causes and drove nearly half of the biggest cyber claims.

Businesses typically required around two full months to restore operations following a ransomware attack.

In 14.3% of cases prior to 2019, the source of detection was miscellaneous or unknown.

In 2021, organizations took an average of 77 days to restore operations after a ransomware attack.

Ransomware claims accounted for 54.3% of cyber claims in the sample for the period of 2019 and onwards.

The average duration business operations were affected by ransomware in health care was 70 days.

88% of all incurred losses from AXA XL cyber claims over the last decade arise from claims that surpass $1 million, suggesting that a relatively small number of large claims are responsible for the majority of cyber losses.

2023: 24.0% of large losses came from other causes, 13.3% from data breaches, and 62.8% from ransomware. Ransomware reached a record high, driving almost two-thirds of the largest cyber insurance payouts.

Manufacturing faced several ransomware incidents, generating cyber insurance claims averaging over $1 million in severity.

In 2021, victims paid on average 33.9% of the initial ransom demand.

Data breach response / crisis management was triggered as the main driver of loss in 24.5% of claims (primary 23.6%, excess 26.7%), triggered with some loss impact in 27.5%, triggered with no loss impact known in 3.6%, and not triggered in 44.4%.

In 16% of large ransomware claims, attackers leveraged compromised or weak credentials to gain entry.

In 2023, only 11.1% of backups were affected by ransomware.

Across all data breach cases combined, the average time to notice an attacker was 90 days prior 2019.

Privacy & cyber security was triggered as the main driver of loss in 13.2% of claims (primary 9.4%, excess 22.2%), triggered with some loss impact in 14.6%, triggered with no loss impact known in 3.3%, and not triggered in 68.9%.

37.2% of large losses came from other causes, 16.0% from data breaches, and 46.6% from ransomware. While other causes ticked up, ransomware continued to generate nearly half of the most expensive claims.

Average initial ransom demand (based on all cases with ransom demand) in 2020: $11.25 million.

In 2022, organizations took an average of 43 days to restore operations after a ransomware attack.

In 2023, 88.9% of backups were not affected by ransomware.