Cyber security resilience 2024 : Trends in data breach and privacy risk

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<title>Cyber security resilience 2024</title>
<subTitle>: Trends in data breach and privacy risk</subTitle>
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<abstract displayLabel="Summary">Cyber claims have continued their upwards trend over the past year, driven in large part by a rise in data and privacy breach incidents.The frequency of large cyber claims (>1mn) in the first six months of 2024 was up 14% while severity increased by 17%, according to the insurer's claims analysis, following just a 1% increase in severity during 2023. Data and privacy breach-related elements are present in two thirds of these large losses. Overall, the total number of cyber claims in 2024 is expected to stabilize, following a 30% increase in frequency during 2023, which resulted in 700+ claims.</abstract>
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