In this Help Net Security interview, Michael Daum, Head of Global Cyber Claims for Allianz Commercial, discusses the significant rise in cyber claims in 2024, driven by an increase in data breaches and ransomware attacks.
Daum highlights the need for businesses to implement cyber hygiene practices and align their risk management strategies with insurers’ expectations to mitigate financial impacts and reduce premiums.
Cyber claims have risen significantly in both frequency and severity in 2024. What factors do you believe are contributing most to this increase, and how are insurers adapting to this changing risk environment?
Cyber claims have continued their upwards trend over the past year, driven in large part by a rise in data and privacy breach incidents.
Some notable trends include: A rise in ransomware attacks including data exfiltration is a consequence of changing attacker tactics and the growing interdependencies between organizations sharing ever more volumes of personal records. At the same time, the evolving regulatory and legal environment has brought an uptick in so-called ‘non-attack’ data privacy-related class action litigation, resulting from…
