14% frequency and 17% severity increase in large cyber insurance claims in early 2024, with 2/3 involving data breaches.

Allianz reports a 14% rise in the frequency and 17% in the severity of large cyber insurance claims in early 2024, with data breaches involved in two-thirds of cases. The increase is fueled by technological advances, the value of personal data, and evolving regulations. In the U.S., class action lawsuits over privacy violations have surged, driving costs higher. The average data breach cost reached a record $4.9 million, and AI is expected to influence future cyber risk.