Funds transfer fraud replaces ransomware as leading cyber claims type, says Coalition

homomorphic

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.

Evolution

In its 2023 Cyber Claims Report detailing the

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