Fraud overtakes ransomware in cyber risk rankings for insurers – Munich Re | #ransomware | #cybercrime

Business email compromise (BEC), often linked to funds transfer fraud, remains a frequent driver of cyber insurance claims. Attack methods are increasingly tied to social engineering using synthetic identities, deepfakes, and AI-generated content. Industry participants, including insurers such as Coalition and Beazley, have pointed to deepfakes as an emerging factor in social engineering risk, with implications for claims and coverage.