QBE observed that the cyber threat environment is becoming increasingly complex, with generative AI lowering the technical barriers for criminals and enabling faster, more precise attacks. Deepfakes were linked to nearly 10% of successful cyberattacks in 2024, with losses ranging from US$250,000 to US$20 million. Such developments, the insurer said, are expected to sustain demand for cyber coverage but also challenge underwriting models and risk appetite.
