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How an Insurer Cut Phishing Claims by Nearly 89%

Discover how a leading insurer cut phishing claims by 89% and improved cybersecurity with Keepnet Labs.

How an Insurer Cut Phishing Claims by Nearly 89%


A prominent EU insurer with over 4,400 agents, 1,700 brokers, and 4,000 employees faced rising payouts due to phishing attacks on policyholders. Over the past 3 years, cyber insurance claims doubled, and payouts surged by 200%, with average losses of $1,500 per employee.

Seeking a solution, the insurer aimed to partner with a provider offering a consolidated platform for clients with their cyber policies. The goal was to minimize breaches, reduce payouts, and ensure a secure digital environment for all stakeholders.

Successful Outcomes

  • Reduced cyber insurance payouts by up to 89%.

  • Deduced the claims from 1644 to 180 per year.

Understanding the Risks in the Cyber Insurance Landscape

  • Phishing Payouts: Phishing is the #1 leading cause of payouts in cyber insurance, leading to escalating costs for insurance companies.

  • Lack of Training: The absence of cybersecurity awareness training for clients increases vulnerability to attacks and subsequent payouts.

  • Standardization Issues: Cyber insurance lacks standardized policy terms, causing confusion among policyholders. The absence of historical loss data makes accurate policy pricing and loss prediction challenging.

  • Regulatory Challenges: The regulatory landscape for cyber insurance is still evolving. Varying requirements across jurisdictions complicate operations for insurers in multiple regions.

  • Surge in Claims: Over the past 3 years, cyber insurance claims have increased by 100%, with payouts rising by 200%.

"Since integrating with Keepnet Labs, we've seen a dramatic 89% reduction in cyber insurance payouts. This isn't merely a financial win; it stands as a testament to our commitment to client security and the trust they place in us."

- Oliver Abney, CISO of Insurance Partner

Total Cost Saved From Claims

Before Keepnet

After Keepnet

Median Cost of a Cyber Attack



Number of Claims Annually


180 (11% of 1,644)

Total Payout Annually



Reduction in Payout



How Keepnet Helped

  • Revealing Breached Employees: Searched for leaked passwords and emails to check for compromised employees.

  • Phishing Reporting: Installed an AI-powered phishing reporting add-in for detection and response.

    Identifying Risks: Identified risky behaviors, including falling for phishing scams and not reporting incidents.

  • Awareness Training: Implemented a training program using behavioral science techniques to promote secure behavior.

  • Email Security: Tested email security tools (SEGs) to find and fix vulnerabilities.

  • Threat Sharing: Updated threat-sharing policies to include attacker profiles and tactics, sharing this intelligence with policyholders and authorities.

Operational Results

  • Addressed human risk and the lack of detection and response capabilities within its client base.

  • Employees and policyholders identified phishing scams in 91% of phishing campaigns.

  • Created a security culture across policyholders that reduced the risk of data breaches.

Strategic Results

  • Reduced cyber insurance payouts by up to 89% by addressing human risks among policyholders.

  • Lowered the insurance claims from 1,644 to just 180.

    Improved incident response measures across the policyholders.

  • Helped policyholders’ employees to report phishing attacks actively.

Schedule your 30-minute demo now

You'll learn how to:
tickHow you can reduce payouts by managing human risk.
tickHow you can boost policyholders' security awareness against ransomware and phishing.
tickHow you can automate customer management for seamless integration with your insurance system.

Schedule your 30-minute demo now

You'll learn how to:
tickAutomate behaviour-based security awareness training for employees to identify and report threats: phishing, vishing, smishing, quishing, MFA phishing, callback phishing!
tickAutomate phishing analysis by 187x and remove threats from inboxes 48x faster.
tickUse our AI-driven human-centric platform with Autopilot and Self-driving features to efficiently manage human cyber risks.
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