BEC Overtakes Ransomware in Cyber-Insurance Claims

BEC Overtakes Ransomware in Cyber-Insurance Claims

Insurance giant AIG have reported that CEO Fraud (also known as Business Email Compromise) related cyber-insurance claims accounted for 23% of all claims in the EMEA (Europe, the Middle East and Asia) region in 2018.

Business Email Compromise (BEC) has overtaken ransomware and data breaches as the main reason companies filed a cyber-insurance claim. Ransomware incident were in second place, accounting for 18% of claims followed by claims for data breaches caused by hackers and data breaches caused by employee negligence both with 14%.

AIG also said that cyber-insurance claims nearly doubled between 2017 and 2018 and that they received more cyber-insurance claims in 2018 than in 2016 and 2017 combined.

Information taken from

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