Data breaches accounted for 17% of claims. This includes hostile and accidental external breaches, but excludes extortion.

The average ransom demand in the latter half of 2024 fell below $1 million for the first time in more than two years.

29% of BEC events resulted in funds transfer fraud in 2024.

BEC claims severity increased by 23% in 2024.

UK cyber claims in 2024 decreased by 20% compared to the spike seen in 2023.

Despite the 20% decrease from 2023, UK cyber claims in 2024 remained approximately one-third higher than the totals recorded for 2020, 2021, and 2022.

Looking at specific periods, Q3 2024 experienced the second-highest level of activity in cyber claims recorded since 2020. Activity in Q3 2024 rose 14% on Q3 2023.

Ransomware claims in 2024 declined by 31% compared to 2023.

Ransomware cyber insurance claims frequency decreased by 3%.

Ransomware claims severity decreased by 7% YoY.

FTF (funds transfer fraud) claims severity decreased by 46% YoY. This sharp decline followed an all-time high in 2023.

System infiltration accounted for 7% of cyber claims. This excludes extortion and data breach events.

Despite the 20% decrease from 2023, UK cyber claims in 2024 remained approximately one-third higher than the totals recorded for 2020, 2021, and 2022.

Ransomware claims in 2024 declined by 31% compared to 2023.

4 of 5 (83%) financial fraud claims began with email.

Overall claims frequency increased by 16% in 2024.

Financial fraud remained the most common incident type, accounting for 32% of all claims.

Over 50% of agents believe clients would be willing to pay up to $100 for personal cyber insurance coverage

Only 43% of agents believe their clients share the same understanding of the value of personal cyber insurance.

56% of insurance agents reported that their customers don’t understand or agree with the value of cyber insurance.