Technology has become ingrained in modern business and so has cyber risk. Cyber risk is now the most significant concern for business leaders globally.1 As a result, businesses of all sizes and industries must take steps to safeguard their critical information from opportunistic threat actors.
For the better part of a decade, cyber insurance providers have been promoting good cyber hygiene and advocating for better risk management decisions — and policyholders are listening. Despite critical vulnerabilities reaching an all-time high and global ransom payments surpassing $1 billion in 2023,2 businesses that reinforced their security controls and embraced partnership with cyber insurance providers were generally more secure.
Claims activity in 2023 has validated a belief long-held by Coalition:
Volatility across the cyber threat landscape persists (and likely always will), but an active approach to cyber risk management can help reduce claims for businesses and insurance providers. The findings in this report highlight the value and impact of Active Insurance experienced by Coalition policyholders.
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