Market update – Cyber Liability Insurance

The market experienced a significant amount of losses during 2019 and 2020. Many of these losses have been well publicised in terms of impact to the public, but losses are rarely disclosed as part of the news cycle.

Risk continues to increase as companies become more reliant on technology. Isolation and remote working brought on by COVID-19 further exacerbates these risks. Consequently, businesses are more vulnerable to cyber losses post COVID-19.

Claims by frequency of notification are: ransomware (26%), data breach by hackers (12%), Impersonation fraud (11%), data breach due to employee mistake/negligence (9%). Claim quantum varies by industry size, however in the large private to small listed public company space claims have ranged from $3,250 to $5.2m. Claims that we have dealt with in cyber average out at $198,896 and involve mostly ransomware and imitation fraud.

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