Cyber claims from small and midsize businesses saw a “material uptick” in 2021, with funds transfer fraud a main culprit, according to cyber insurance and security firm Coalition.
According to its 2022 Cyber Claims Report, Coalition concluded that from 2020 to 2021, losses from funds transfer fraud (FTF) increased 69% overall, and among enterprises with revenue under $25 million, frequency went up 21%. Initial losses from FTF among small businesses jumped 102% to more than $309,000 in the second half of 2021.
