FFT and Ransomware Made Up Over Half of Cyber Insurance Claims in 2022

Insurance companies are taking the FFT and ransomware hit.
FFT and Ransomware claims increase 2022

Info-Security Magazine’s newly published article has shed light on the financial damage being inflicted from Fraudulent Funds Transfer (FFT) and ransomware attacks.

Excerpt from article:

“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.”

While ransomware attacks slightly decreased, data exfiltration during ransomware attacks increased significantly. Info-Security Magazine reports,

“While there were fewer ransomware claims in H1 2022 compared to H2 2021, Corvus observed a 25% increase in data exfiltration over these periods.”

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