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Ransomware accounts for 23 percent of cyber insurance claims, while while fraudulent funds transfer (FFT) accounts for 28 percent according to insurance specialist Corvus, which has released its latest Risk Insights Index.
The discipline of fraud prevention has changed dramatically over the past five years and continues to evolve rapidly. Consequently, former truths about fraud prevention are increasingly becoming outdated myths. Legacy vendors propagate these myths to maintain relevance, but industry leaders understand the distinction and are moving forward.
Insurance companies exist to offer protection but they're increasingly having to protect themselves against a range of cyberattacks.
Research from commercial insurance provider Corvus reveals that the cost of ransomware to businesses remains high.