The risk of email-based cyber threats has escalated sharply this year, with claims related to email attacks increasing by 24%, as reported by cyber insurance provider At-Bay. Larger businesses—particularly those with over $100 million in annual revenue—experienced the highest surge, recording three times the rate of email-related claims compared to smaller companies with less than $25 million in revenue. The sectors most affected in 2023 and early 2024 include manufacturing, finance, and law.
“Email is a universal communication tool, making it an accessible target for cybercriminals,” explained Adam Tyra, At-Bay’s General Manager of Security Services. “While many security tools are focused on preventing ransomware, attackers are increasingly leveraging victims’ email systems to bypass these defenses.”
Notable Findings from At-Bay’s 2024 Cyber Report:
- Financial Fraud Prevalence: Financial fraud remains the most frequent email-based cybercrime, making up 61% of claims in 2023 and climbing to 72% in early 2024. Average losses reached $219,000, with severe cases surpassing $5 million—particularly in real estate, where average stolen funds amounted to $434,000.
- Goods Diversion Schemes: Not all attacks involve direct cash theft. Some involve the fraudulent redirection of goods, affecting industries that rely on shipping physical products, from holiday decorations to essential household items.
- Platform Disparities: Businesses using Google Workspace saw 54% fewer cyber incidents compared to the average, while Microsoft 365 users experienced claim rates 45% higher than the general average.
In today’s digital landscape, email security is vital. “Businesses need robust email protections and fraud detection tools,” added Tyra. Many solutions need regular updates to stay effective as cybercriminals advance their tactics.
At Skyscraper Insurance, we understand these evolving threats and prioritize sophisticated cyber risk solutions to protect our clients. #WeShareYourVisionForABetterTomorrow
