Bottom line: Cyber insurance losses in the US have increased by 17% year-over-year.
What's happening: Chubb reported a 12% decline in claims filed by businesses in Q4 2022, but an 18% increase in cyber insurance losses, with the average loss per claim growing to $342,000.
What to do: Security leaders should review their cyber insurance policies and consider increasing their deductibles to mitigate losses.