New data privacy trends help drive growth in frequency and severity of large cyber claims: Allianz
- Frequency and value of large cyber insurance claims up 14% and 17% year-on-year in the first half of 2024, with data and privacy breach-related elements present in two thirds of these losses
- Growing trend in the US for class action litigation against large US and international corporations related to privacy violations leads to surging costs
- Number of cyber claims overall expected to stabilize in 2024 after 30% increase in 2023
SINGAPORE - Media OutReach Newswire - 9 October 2024 - Cyber claims have continued their upwards trend over the past year, driven in large part by a rise in data and privacy breach incidents, Allianz Commercial warns in its annual cyber risk outlook.
