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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.

Read more: New data privacy trends help drive growth in frequency and severity of large cyber claims: Allianz

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