According to insurance company AIG, business email compromise (BEC) has overtaken ransomware and data breaches as the main reason companies filed a cyber-insurance claim. According to statistics published by the company in July, which was for the EMEA (Europe, the Middle East, and Asia) region, BEC-related insurance filings accounted for nearly a quarter (23%) of all cyber-insurance claims the company received in 2018. Ransomware-related incidents came in in second place, accounting for 18% of all cyber-insurance claims, followed by claims for data breaches caused by hackers and data breaches caused by employee negligence (e.g. sending data to the wrong person), both with 14%. AIG blamed the recent rise in BEC-related cyber-insurance claims on the poor security measures victim companies had in place, such as the use of poor passwords for email accounts, companies not using multi-factor authentication, or the lack of employee training in email-based attacks. But despite BEC ranking first, AIG expects that ransomware may soon reclaim its top spot, which it held in 2017, when ransomware-related claims accounted for 26% of all cyber-insurance claims. AIG believes the number of claims for ransomware will go up as enterprise and government victims perceive that they can offset losses by filing a cyber-insurance claim. Read the article at ZDNet.