Cyberstats

Security Intelligence

AXA XL

Cybersecurity reports and statistics published by AXA XL

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Research Reports

Reports and publications from AXA XL

Cyber Claims Unveiled: A Focused Study on Trends, Threats, and Tailored Solutions

Recent Statistics & Reports

In 2023, victims paid on average 39.1% of the initial ransom demand.

Cyber insurance Cyber claims Ransomware

Businesses typically required around two full months to restore operations following a ransomware attack.

Cyber insurance Cyber claims Ransomware

Companies with revenues between $750M and $2B had an average relative frequency of large claims on primary policies of 1.80.

Cyber insurance Cyber claims

Companies with revenues above $2B had an average relative frequency of large claims on primary policies of 1.86.

Cyber insurance Cyber claims

Average initial ransom demand (based on all cases with ransom demand) in 2021: $17.39 million.

Cyber insurance Cyber claims Ransomware

Between 2019 and 2023, other sectors experienced large losses primarily from ransomware (53.1%), followed by data breaches (25.0%) and other causes (21.9%).

Cyber insurance Cyber claims Ransomware

Companies with revenues between $250M and $500M had an average relative frequency of large claims on primary policies of 1.19.

Cyber insurance Cyber claims

Data recovery was triggered as the main driver of loss in 1.3% of claims, triggered with some loss impact in 17.5%, triggered with no loss impact known in 5.0%, and not triggered in 76.2%.

Cyber insurance Cyber claims Privacy

Business interruption coverage was triggered in 17.5% of all claims, occurring more frequently in excess claims(23.3%) than in primary claims (15.1%).

Cyber insurance Cyber claims Business disruption

Privacy and cyber security coverage was triggered in 13.2% of all claims, with a higher prevalence in excess claims(22.2%) compared to primary claims (9.4%).

Cyber insurance Cyber claims Privacy

In 49.2% of large ransomware claims, attackers gained access by exploiting system vulnerabilities.

Cyber insurance Cyber claims Ransomware

The average duration business operations were affected by ransomware in financial services was 33 days.

Cyber insurance Cyber claims Ransomware

In 42.9% of cases prior to 2019, breaches were first flagged by outside parties such as security firms, regulators, or customers.

Cyber insurance Cyber claims Data breach

In 66.0% of data breach cases since 2019, the company’s own IT team or outsourced service providers discovered the attack.

Cyber insurance Cyber claims Data breach

In 17.0% of cases since 2019, breaches were first reported by external parties.

Cyber insurance Cyber claims Data breach

2021: 29.7% of large losses came from other causes, 23.7% from data breaches, and 46.6% from ransomware. Ransomware overtook all other causes and drove nearly half of the biggest cyber claims.

Cyber insurance Cyber claims Data breach

Average initial ransom demand (based on all cases with ransom demand) in 2019: $7.77 million.

Cyber insurance Cyber claims Ransomware

In 16% of large ransomware claims, attackers leveraged compromised or weak credentials to gain entry.

Cyber insurance Cyber claims Ransomware

In 2019, organizations took an average of 76 days to restore operations after a ransomware attack.

Cyber insurance Cyber claims Ransomware

In 2021, organizations took an average of 77 days to restore operations after a ransomware attack.

Cyber insurance Cyber claims Ransomware

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