AGCS started offering cyber insurance in 2013 and, in 2019, generated more than EUR 100mn in gross written premium in this segment. This steady increase in claims has been driven, in part, by the growth of the global cyber insurance market which is currently estimated to be worth $7bn according to Munich Re. In 2020, AGCS has already seen 770 claims in the first three quarters. The number of cyber insurance claims AGCS has been notified of has steadily risen over the last few years, up from 77 in 2016, when cyber was a relatively new line of insurance, to 809 in 2019. Employers and employees must work together to raise awareness and increase cyber resilience.” “But although cyber crime generates the headlines, everyday systems failures, IT outages and human error incidents can also cause problems for companies, even if their financial impact is not, on average as severe. “Losses from incidents such as distributed denial of service (DDoS) attacks or phishing and ransomware campaigns account for a significant majority of the value of cyber claims today,” says Catharina Richter, Global Head of the Allianz Cyber Center of Competence, which is embedded into AGCS. The study analyzes 1,736 cyber-related insurance claims worth EUR 660mn (US$ 770mn) involving AGCS and other insurers from 2015 to 2020. External attacks on companies result in the most expensive cyber insurance losses but it is employee mistakes and technical problems that are the most frequent generator of claims by number, according to a new report from Allianz Global Corporate & Specialty (AGCS), Managing The Impact Of Increasing Interconnectivity - Trends in Cyber Risk.
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