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Cyber Claims Snippets - Second Half of 2021 in Review

Second Half of 2021 in Review

Cyber security web

By , 

03/10/2022

This snapshot of the second half of 2021 highlights the cyber claims statistics and trends seen here at Marsh Pacific. The full report is available to download now.

Data breaches continued to dominate the headlines in the second half of 2021. Organisations that hold large amounts of confidential and sensitive information are a target for cyber criminals, as they recognise the attractiveness of selling stolen data on the dark web for significant financial gain. Compared to the previous six months, the increase in cyber claims’ severity was much more significant, whilst claims frequency only increased slightly. 

Summary of insights

  • There was a 10% increase in the number of claims notified to insurers between 1 July 2021 – 31 December 2021, compared to the previous six months.
  • Fraud (email or accounts manipulated), data breach, and ransomware attacks continued to make up the majority of the matters. This was followed closely by network interruption (malicious - third party system) claims.
  • Similar to the first half of 2021, financial and legal were the top industries affected by cyber incidents.
  • Business Email Compromise remains a popular method, as we have seen cyber criminals indiscriminately targeting all industries with this type of phishing attack.
  • Dominating headlines locally were high profile cyber incidents such as the zero-day vulnerability known as Log4jshell and ransomware attack(s) targeting HR technology vendors Frontier and Kronos. We saw notifications come through as a consequence of these incidents, particularly with the latter – emphasising greater consideration needs to be given to supply chain risks.

Marsh Cyber Claims Snippets - Second Half of 2021 in Review

Download Full Report

LCPA: 22/080

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