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In this Help Net Security interview, Michael Daum, Head of Global Cyber Claims for Allianz Commercial, discusses the significant rise in cyber claims in 2024, driven by an increase in data breaches and ransomware attacks. Daum highlights the need for b… Continue reading The future of cyber insurance: Meeting the demand for non-attack coverage
Cyber claims have continued their upwards trend over the past year, driven in large part by a rise in data and privacy breach incidents, according to Allianz. Cyber claims frequency exceeds €1 million The frequency of large cyber claims (>€1 million) i… Continue reading Data breaches trigger increase in cyber insurance claims
Cyber incidents such as ransomware attacks, data breaches, and IT disruptions are the biggest worry for companies globally in 2024, according to Allianz. The closely interlinked peril of business interruption ranks second. Natural catastrophes (up from… Continue reading 2024 brings new risks, with cyber incidents in the spotlight
Ransomware incidents rising again as criminals use data exfiltration and supply chain attacks to maximize their leverage, according to Allianz. Allianz Commercial analysis of large cyber losses shows the number of cases in which data is exfiltrated is … Continue reading Public exposure of data breaches is becoming inevitable
Cyber perils are the biggest concern for companies globally in 2022, according to the Allianz Risk Barometer. The threat of ransomware attacks, data breaches or major IT outages worries companies even more than business and supply chain disruption, nat… Continue reading Cyber risks top worldwide business concerns in 2022
During the COVID-19 crisis, another outbreak took place in the cyber space: a digital pandemic driven by ransomware. In a recent report, Allianz Global Corporate & Specialty (AGCS) analyzes the latest risk developments around ransomware and outlin… Continue reading Cyber risk trends driving the surge in ransomware incidents
Ransomware attacks aren’t just becoming more frequent, they’re getting more expensive. Scammers demanded an average payment of $5.3 million from hacking victims through the first six months of 2021, though extortion victims paid a median fee in the hundreds of thousands of dollars, according to a new report from the insurer Allianz. The $5.3 million average represents a 518% increase from the 2020 figure, driven in part by demands to pay up to $50 million after a data breach. The highest demand last year was for $30 million, according to the latest report, which did not identify affected organizations by name. Victims paid an average of $570,000 during the first six months, compared to $312,000 in 2020, Palo Alto Networks said. The figures, published Thursday by Allianz, represent the latest glimpse into how ransomware attacks are becoming exponentially more expensive as victim organizations look to insurance providers to cover the […]
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Continue reading Ransomware demands are up more than 500%, the latest concern for insurers
Snowflake announced the Financial Services Data Cloud, which unites Snowflake’s platform governance capabilities, Snowflake- and partner-delivered solutions, and industry-critical datasets, to help Financial Services organizations revolutionize how the… Continue reading Snowflake helps financial services organizations leverage data to drive business growth
Snowflake announced the Financial Services Data Cloud, which unites Snowflake’s platform governance capabilities, Snowflake- and partner-delivered solutions, and industry-critical datasets, to help Financial Services organizations revolutionize how the… Continue reading Snowflake helps financial services organizations leverage data to drive business growth
Snowflake announced the Financial Services Data Cloud, which unites Snowflake’s platform governance capabilities, Snowflake- and partner-delivered solutions, and industry-critical datasets, to help Financial Services organizations revolutionize how the… Continue reading Snowflake helps financial services organizations leverage data to drive business growth