Dive Brief:
- Cyber insurer Coalition said its customers filed slightly fewer ransomware claims in 2024 than they did the previous year, according to a new report published Wednesday.
- Average ransomware losses in the U.S. ($108,000) were slightly lower than the global average ($115,000), according to Coalition’s 2025 Cyber Claims Report.
- Funds transfer fraud and business email compromise made up the majority of cyber claims submitted to Coalition, accounting for 60%.
Dive Insight:
Coalition is one of the world’s largest cyber insurers, so its data offers a broad survey of the cyber risk landscape, from the behavior of threat actors to the best strategies for avoiding a digital security crisis.
Among the findings in the report: consumer-facing and manufacturing industries (including agriculture, food and beverage, mining and plastics) filed the most claims, while companies in the energy industry filed claims for the largest amounts. In addition, the amount of insurance funds that companies requested to cover ransomware attacks decreased 7% from 2023 to 2024.
In another sign of the importance of supply-chain security, Coalition reported that third-party breaches “accounted for more than half of all claims” (52%), with an average claim amount of $42,000. Companies that used Change Healthcare for transaction-processing filed claims with Coalition averaging $22,000, while customers of the car dealership vendor CDK Global filed claims averaging $63,000.
Coalition’s report contains a stark warning for companies unable to obtain insurance because they failed to remediate cybersecurity vulnerabilities. According to Coalition, 614 businesses failed to fix critical issues flagged by the insurance firm and later suffered ransomware attacks last year, with losses totaling $307 million.
The insurer in its report touted its ability to recover money stolen in funds-transfer fraud incidents. According to Coalition, it recovered $31 million in 2024, with recovery more likely when policyholders quickly reported fraudulent transactions to the insurer. Coalition said it partially recovered money in roughly a quarter of cases and fully recovered money in 12% of cases.
