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Small businesses increasingly targeted by cyberattacks: Report



Ransomware claims and claims for all cyber incidents declined in the first half of this year, but small businesses have increasingly been targeted, chief agent Coalition Inc. said Wednesday in an update to its 2022 Cyber ​​Claims Report.

In an analysis of claims data from its 160,000 policyholders, the San Francisco-based Coalition said ransomware claims fell to $896,000 in the first half of the year from $1.37 million in the first six months of 2021. Of those that resulted in payments, the amount was negotiated to around 20% of demand.

Phishing accounted for 57.9% of cyber claims, according to the report.

Overall, cyber claims fell 8% in the first half of the year to an average loss of $1

75,258 and claim rates fell 7%, according to the report.

The news wasn’t as good for small business owners, the Coalition said. The average cost of their claims rose to $139,000 in the first half of the year, up 58% year-on-year.

“Across industries, we continue to see high-profile attacks targeting organizations with weak or exposed infrastructure, exacerbated by today’s telecommuting culture and companies’ reliance on third-party vendors,” said Catherine Lyle, the Coalition’s director of claims affairs, in a statement.

Nonprofits remain a major target for cybercriminals, according to the report, with a 57% increase in claims for these policyholders in the first half of the year.


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