Allianz Commercial has warned cyber claims are increasing, largely due to a rise in data and privacy breaches. Large cyber claims greater than €1m rose by 14% in the first half of 2024, with severity increasing by 17%. Non-attack data privacy claims have also risen due to evolving regulations and increased sharing of personal information. Ransomware attacks remain a concern, but data privacy breach claims are becoming prevalent, particularly in the US, with class action litigation increasing. The insurance industry must focus on mitigating data privacy risks, the firm says.
News – BayMark Health Services says cyber attack compromised staff and patients' data – TEISS
BayMark Health Services has reported a cyber attack which compromised the data of staff and patients.
