The majority of 2024 cyber insurance claims (60%) originated from business email compromise (BEC) and funds transfer fraud (FTF) incidents.

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

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.

Akira ransomware was the most prolific variant for Coalition policyholders, accounting for 13% of ransomware claims in 2024.

Black Basta accounted for just 3% of all ransomware claims in 2024.

The average ransom demand in 2024 was $1.1 million.

March 2025 held the highest volume of public ransomware cases of all time.

Ransom demands from threat actors decreased by 22% year-over-year (YoY) in 2024.

Cyber insurance claims frequency decreased by 7% year-over-year (YoY).

FTF (funds transfer fraud) claims frequency decreased by 2% YoY.

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

Although the amounts paid by UK ransomware victims continued to rise in 2024, extortion negotiations involving ransomware experts remained generally effective, often resulting in reductions of over 60% from the initial demands to the final payment.

Ransomware cyber insurance claims frequency decreased by 3%.

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

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

Overall claims frequency increased by 16% in 2024.

84% of agents understand the value of personal cyber insurance.

71% of agents report either pricing or breadth of coverage as the most important decision criteria for their clients purchasing personal cyber insurance.

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