Multiple companies in the U.S. and Canada experienced a record number of cyber extortion events in 2023 and unprecedented demands, a new report from Marsh shows.
The report, Ransomware: A persistent challenge in cyber insurance claims, also showed an increasing number of companies refused to pay the demands.
The report’s authors analyzed more than 1,800 cyber claims submitted to Marsh in the U.S. and Canada in 2023. They found the annual percentage of clients reporting at least one cyber event has was steady over the past five years, ranging between 16% and 21%. The authors say the report demonstrates that companies’ cyber contro