Allianz Reports 950% Rise In Cyber-Insurance Claims

Law360, London (November 20, 2020, 2:19 PM GMT) -- The specialist division of German insurer Allianz said it has been hit by a 950% increase in cyber-insurance claims over the last three years, and warned of the growing threat to business from internet criminals taking advantage of a new trend in working from home.

Allianz Global Corporate & Specialty said annual claims by companies hit by online crime has surged from just 77 in 2016, when the cyber-insurance market was in its infancy, to 809 last year. The company has already received 770 cyber-insurance claims in the first nine months of 2020.

Ransomware and malware attacks have increased since the...

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