The overall rate of cyber claims fell by 22% from 2021 to 2022, says a report published on Tuesday.
The report by San Francisco-based management agency Coalition Inc., which is based on its own internal claims data as well as that of its insurance partners, says: “Most organizations experienced a decrease in the frequency and severity of cyber claims, while less sophisticated crimes grew in popularity. “
It says money transfer fraud, which allows threat actors to redirect or change payment information to steal money, outranks ransomware as the leading incident type, accounting for nearly a third of all claims.
The report says that while Russia’s war in Ukraine is often cited as a significant contributor to ransomware̵7;s decline last year, organizations are “also increasingly using secure offline backups to avoid paying high claims.”
The report says, “We expect a further increase in ransom demands as long as global socio-economic conditions remain volatile,” while increases in money transfer fraud are also expected.