This report is based on the summary statistical analysis of over 10,000 cyber claims for incidents that occurred during the five-year period 2019–2023. We see enormous variances in the magnitude of loss data. The smallest claims were less than $1,000; the largest were over $500M. The numbers of records exposed ranged from 1 to over 140M.

The NetDiligence Cyber Claims Study presents findings from a five-year dataset of over 9,000 real-world cyber insurance claims. In this spotlight, we focus on the subset of BEC incidents: 17% of claims reported (N=1,480) between 2018 and 2022. BEC starts with human error and ends with high crisis services costs. Educating and training the workforce is a continual and incremental process. Preventing BEC is the endless task of cybersecurity

The Professional Services sector includes a broad array of organizations. Although there are no strict criteria for considering a company to be in this sector, there is general agreement that inclusion requires specialized training and experience, and, in many cases, qualification by exam and licensing managed by either national or state authorities. Using our 5-year dataset, we have analyzed 1,500 Professional Services claims dated 2017 through 2021. Professional Services sector incidents account for 20% of all claims in the dataset.

This report is based on the summary statistical analysis of over 9,000 cyber claims for incidents that occurred during the five-year period 2018–2022. By comparison, the third Cyber Claims Study, published in 2013, analyzed fewer than 150 cyber insurance claims.

The 2022 report included data from NetDiligence studies published in 2018-2021, representing 4,036 incidents that occurred in previous years. After the elimination of claims that were less than $1,000, the combined dataset included 6,411 incidents each one a cyber incident insurance claim.

This report includes incidents that occurred during 2015-2019. A total of 3,547 claims were analyzed, and data was distilled into over 100 categories. To compare, the fifth Cyber Claims Study, published in 2015, analyzed 207 cyber insurance claims. While many of the categories over the last five years have remained the same, the data has changed, sometimes dramatically.

This study, based on over 2,000 cyber claims, provides a comprehensive view of recent cyber claim events. The 2019 report also included data from NetDiligence studies published in 2015-2018, representing 1,008 events that occurred in 2014 to 2017. After the elimination claims that were less than $1,000, the combined dataset included 2,081 events, each one a data breach insurance claim.

This annual report on trends in submitted claims in the cybersecurity insurance space. With particular focus on current trends such as ransomware and company firmographics.

The eighth edition of the NetDiligence® Cyber Claims Study offers insights for business innovation. In the same way that a business gains operational perspective by going through an audit, both the insurer and the insured can use the findings of this research to inform decision making and risk management.

This report is an annual Cyber Claims Study. It includes informative numerical and graphical descrip-tions of the types of data exposed, causes of loss, business sectors involved, sizes of affected organizations, insider involvement, and third party involvement. It also includes several new analyses: Cloud Involvement, Cyber Extortion/Ransomware, Phishing, Phishing and Wire Transfer Fraud, POS-Related/Common Point of Purchase/CPP Investigations.

The fifth annual NetDiligence® Cyber Claims Study uses actual cyber liability insurance reported claims to illuminate the real costs of incidents from an insurer’s perspective. Our goal is to raise awareness about cyber risk within the risk manager community.