FFT and Ransomware Represent Over Half of Cyber Insurance Claims in 2022

Fraudulent funds transfer (FFT) and ransomware were the biggest drivers of financial loss from cybercrime in 2022, accounting for more than 50% of insurance claims, according to figures from Corvus. The insurance company found that FFT and ransomware “are the two most consistent tactics of choice for threat actors,” with FFT representing 28% of cyber claims and ransomware 23% in its all-time figures.

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