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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.

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