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A bit like London busses, this report is an important read, especially when read alongside Swiss Re ‘Reality check on the future of the cyber insurance market’ published within the last week.https://lnkd.in/eJBmMUFEThe Alliance and Swiss Re reports are a treasure trove of information on the Cyber Insurance market, indicating in ones opinion some challenges ahead for the insured and insurers.1. Ransomware attacks continue to rise up 75% in 2023 and accounting for 58% of the value of cyber claims greater than $1mn. 2. Data exfiltration drives data breaches. AKA you get your data stolen and a ransom demand.3. The average costs of a data breach continue to rise.The important point.4. ‘Non-Attack’ claims increase – privacy litigation ramps up. The share of ‘non-attack’ (privacy) data breaches, such as wrongful collection of data, increased from just 7% in 2022 to 14% in 2023, rising again to 21% in the first half of 2024. The figures indicate a trend towards litigation focused on data breaches is trending upwards, increasing 100% year on year from 2022. The trend towards litigation will increase as cybersecurity regulation come into affect across the U.S and EU requiring covered entities demonstrate governance over cybersecurity risks. In the past week the EU formalized the Cyber Resilience Act onto the EU Journal and an update to the EU Liability directive to include software.https://lnkd.in/ekcB3MVHThe pace of regulatory change is increasing. Fueling the increase in litigation for data breaches and cyber security.@Thaddeus Dziekanowski Brian D. McCarthy Veritas GRC Alliance Commercial Swiss Re#cybersecurity #cyherriskmanagement #cyberattack #databreaches
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