The average large company—$12.5 billion in annual revenue—was more than 116 times larger than the average SME, with $108 million in annual revenue. The most common source of loss, overwhelmingly, was ransomware, representing an average incident cost of $631,000 versus the next highest source, wire transfer fraud, which had an average cost of $171,000. Health care organizations bore the brunt of the costs, having an average incident cost of $566,000; professional services firms, such as accounting practices, bore an average cost of $271,000 by comparison. "At SMEs, professional services claims accounted for 18% of all claims and 18% of total incident cost greater than $1K. Excepting an extreme outlier event in 2022, average incident cost has been low.