Cyber claims have continued their upward trend over the past year – driven in large part by a rise in data and privacy breach incidents, according to Allianz Commercial’s annual cyber risk outlook.
“The growing significance of data breach losses among cyber insurance claims is driven by a number of notable trends,” explains. “A rise in ransomware attacks including data exfiltration is a consequence of changing attacker tactics and the growing interdependencies between organisations sharing ever more volumes of personal records.
Over the last year in particular, data breaches have emerged as one of the fastest growing areas of US class action litigation. Over 1 300 were filed across a wide range of data privacy regulations in 2023 – more than double the number filed in 2022 and four times that filed in 2021, according to law firm Duane Morris.South Africa ranks 14th globally in the average cost of a data breach, reaching $2,78-million in 2024.
AI relies on the collection and processing of vast amounts of data including personal, health and biometric information for training AI models and making predictions or recommendations. But AI tools such as chatbots can create potential privacy, misinformation, and security risks if not properly managed.
“The insurance industry must also step up its focus on the data privacy side of cyber risk and has a key role to play in offering loss prevention and mitigation advice to businesses about this increasingly important area of exposure,” says“The value of cyber insurance goes well beyond the payment of claims. Insurance helps companies make the business case for cybersecurity investment and to direct their resources towards the most effective measures.
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