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Cybersecurity Claims for Data Loss Vary Broadly

NetDiligence reported that 98% of cybersecurity claims from 2019-2023 were from small to medium-size enterprises (SMEs), but the 2% of claims from larger companies accounted for 51% of the overall cost. Ransomware and business email compromise (BEC) were the most common types of attack, responsible for 53% of claims in this period. The most affected sectors were professional services, manufacturing, financial services, retail and healthcare. The average cost of disruption was $487,000 for SMEs and $26 million for larger companies.

Source: www.claimsjournal.com –

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