Cyber claims frequency in the U.S. rose 13% last year, a new report shows.
According to Coalition’s 2024 Cyber Claims Report, released this week, cybercrime is “a thriving business that adversely impacts” the economy. In 2023, there were more than 880,000 complaints sent to the FBI with reported losses totaling $12.5 billion.
Although overall claims severity decreased in the latter half of the year, it did not offset a first-half spike driven by increased ransomware claims.
Frequency/Severity
Last year, claims frequency remained below the historic high of 2021, yet overall claims frequency increased by 13%