New cyber claims expected to rise: Survey

More than two-thirds of respondents to a global survey released Wednesday think the steady increase in threat activity will cause the number of new claims against cyber insurance policies to increase.

Seventy-seven percent of brokers and 63% of insurers think new cyber claims will rise, according to the survey, commissioned by Arctic Wolf Networks for its 2025 Cyber Insurance Outlook.

On average, 12% of clients made any claims in the past year, and ransomware attacks were the most common, accounting for around 18% of insured’s claims in the past year, according to the report from Arctic Wolf, an Eden Prairie, Minnesota-based cybersecurity company.

After ransomware attacks, the most common cyber insurance claims involved data breaches, theft of funds and phishing incidents, including business email compromise.

The value of cyber insurance claims varies “significantly,” but recent data suggest an average of around $115,000 per claim, the report said. 

Some reports, however, indicate averages as high as $345,000 for small to medium-sized enterprises and $812,360 for all organizations, according to the report.

Two-thirds, or 66%, of insurers said policyholder rates increased as a result of them filing a cyber insurance claim.