In the Changing Face of Cyber Claims 2023, Marsh looks at trends and changes in cyber claims throughout Europe offering insights on some of the steps organisations can take to mitigate the emerging and existing risks.
This year the report does a deep dive on the technology sector because while there has been an overall decline in the number of cyber claims witnessed in Europe, the technology industry and, more specifically software and IT services companies have witnessed a steep rise in claims year on year since 2016.
Cyber claims saw a decline in 2022 compared to 2021 and seem to be moderating – but the five-year trend still shows steady growth.
Manufacturing and professional services both experienced a steep decline in the number of claims made while financial institutions, communication, media, and technology (CMT), and retail and wholesale all experienced continued growth in the number of claims.
Ransomware claims declined after three years of substantial increase, possibly marking a turning point in the type of cyber incidents organisations encounter.
The technology sector, specifically with IT services and software companies, has seen a rapid rise in claims in the last few years.
Evolving EU legislation could lead to an increase in class action lawsuits following cyberattacks.