According to cyber insurer Coalition’s 2023 Cyber Claims Report, ransomware made up a smaller share of total cyber claims last year, down from 26% in 2021 to 15% in 2022. Both funds transfer fraud (FTF) and business email compromise claims increased from 2021 to 2022.
Phishing is also on the rise, making up 76% of reported claims in the second half of 2022—more than six times higher than the next leading attack method. One possible cause of the increase is the rise of new technologies that make attacks easier to execute. For example, attackers are using AI to generate credible phishing emails and translate them into multiple languages, helping them reach more people more quickly.
Looking ahead, the report predicts that ransomware will rise as attackers evolve their tactics, FTF will surge due to how easy it is to monetize, and phishing attacks will become more personalized.
The report recommended organizations “implement best practices like MFA, data backups, restricting access to critical information and segmenting sensitive data.”