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FTT and ransomware are top drivers of cyber loss, Corvus finds

December 9, 2022

New data from cyber specialist Corvus Insurance has found that fraudulent funds transfer (FFT) and ransomware are the top drivers of cyber loss in 2022, accounting for over 50% of all claims combined.

FFT alone comprised 36% of all claims in Q3, Corvus’s Corvus Risk Insights Index shows, and continues to generate substantial losses for organizations.

This kind of attack is defined as one in which threat actors use social engineering tactics to trick employees or vendors into transferring funds to the wrong accounts.

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