Ransomware and third-party breaches are driving material cyber losses

Third-party risks accounted for 31% of all client insurance claims and 23% of material losses in 2024. In 2023, no third-party claims led to material losses for Resilience clients.

62% of insurance claims with losses were related to ransomware.

Ransomware attacks targeting vendors made up 42% of the third-party insurance claims, with losses from these incidents rising four-fold compared to 2023.

Ransomware targeting vendors contributed to 18% of material insurance claims.

First-party ransomware incidents made up 44% of client’s material insurance claims.

Vendor security failings accounted for 4% of all material insurance claims.

Transfer fraud claims made up 18% of insurance claims in 2024, compared to 14% in 2023.

Phishing-related cyber incidents made up 9% of incurred claims in 2024, a 55% fall compared to 2023.