Cyber incidents, business interruption and critical infrastructure failures rank as the top risks for Technology, Media and Telecommunications companies.
Business interruption is the main cost driver in over 50% of cyber claims globally, AGCS analysis shows. Critical infrastructure is increasingly a target. For example, physical attacks on the US power grid rose by over 70% last year. Regarding actual claims patterns, natural disasters, fire, and crime are the top contributors to TMT losses according to AGCS analysis of 5 000 insurance industry claims worth €1,2-billion.
Willful acts/crime – ranging from the theft of high-value telecommunications equipment to hacking incidents – is the third top cause of loss by value, as well as the most frequent cause of claims.