Funds transfer fraud replaces ransomware as leading cyber claims type, says Coalition
Ransomware claims frequency dropped 54% between 2021 and 2022, according to a report by cyber specialist insurer Coalition.
The reduction came as funds transfer fraud unseated ransomware as the leading claims event type.
15%Ransomware accounted for just 15% of claims in 2022, compared to funds transfer fraud at 29%
Ransomware accounted for 15% of claims whereas funds transfer fraud accounted for 29% in 2022, the provider reported.
This was despite funds transfer fraud frequency slightly decreasing in 2022, although it had risen sharply in 2021.
EvolutionIn its 2023 Cyber Claims Report detailing the
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insight
Hazelton Mountford targets hitting £20m GWP milestone in two years
Established in 2008, Hazelton Mountford is aiming to hit £20m gross written premium in the next two years through organic growth, Gordon Hazelton, group managing director, told Insurance Age.
Car and motorcycle insurance complaints to FOS drift up
The Financial Ombudsman Service received 3660 complaints about car and motorcycle insurance between October and December last year, up slightly from 3386 in the previous quarter.
SRG starts 2025 buys with schemes broker
Specialist Risk Group has bought schemes specialist Brentacre Insurance in its first UK broker deal of the year.
Beazley posts record profit as premium tops $6bn
Beazley has reported insurance written premiums jumped 10% to $6.16bn (£4.84bn) for the year ended 31 December 2024.
Aviva-bound DLG swings back to operating profit but customer count falls
Direct Line Group has reported an operating profit of £205m for 2024, more than reversing a £189.9m loss the year before.
Aviva gives e-trade brokers commission flex up to 35%
Aviva has written to brokers that use its own e-trading platform Fast Trade – as well as Acturis E-Trade – telling them they can set their own commission rates within set parameters, Insurance Age has learned.
FCA bans broker whose fraud caused client to fail and go into liquidation
The Financial Conduct Authority has banned David Robert Cooke, previously a director at Professional Construction Risks Limited, from working in all regulated activity after he received a police conditional caution for an insurance fraud that led to the collapse of a client.
Markel appoints Nicola Cunliffe to drive broker trading
Markel has named Nicola Cunliffe as head of trading in the UK, with responsibility for brokers’ experience when dealing with the insurer.