Volume of Cyber-Insurance Claims Reaches New Heights

Marsh reports that cyber-insurance claims in the US and Canada reached record highs in 2023 (over 1,800 claims), driven by more sophisticated attacks, privacy claims and major supply-chain incidents like the MOVEit breach; healthcare, communications and education were among the most affected sectors. The number of clients reporting cyber-extortion rose (172→282), median extortion payments jumped from $335,000 to about $6.5 million and extortion demands increased substantially, though negotiation efforts helped reduce final payouts and fewer companies paid ransoms overall.