Cyber risk trends 2020

External cyber-attacks on companies result in expensive cyber insurance losses, but employee mistakes and technical problems are the most frequent cause 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

An AGCS analysis of over 1,700 cyber claims worth EUR 660mn (US$ 770mn), the report examines external events such as distributed denial of service (DDoS) or phishing and ransomware incidents, as well as internal incidents such as malicious activity, employee-error incidents, IT or platform outages, system or software migration problems, or loss of account data.

In our latest podcast, Rishi Baviskar, Global Cyber Experts Leader, Risk Consulting at AGCS, further discusses the impact of Covid-19-related incidents compounded by remote working and the importance of business continuity planning for companies involved in cyber-related incidents.