Financial Fraud in the Digital Age: The Biggest Cyber Risk for Businesses and How to Prevent It

Financial fraud is among the most common (and growing) cyberthreats for businesses today. It’s also among the most devastating. In 2023, the average financial fraud incident cost businesses $219K — in the most severe scenarios, cybercriminals stole more than $5M according to our 2024 InsurSec Rankings Report. Now, we’re sharing our latest claims and cybercrime data about how financial fraud happens, why you need to stay vigilant, and how to prevent it.