2024 Cyber risk predictions

This year, we’re closely watching how the courts will respond to a recent spate of generative artificial intelligence (AI) and privacy-related litigation, evaluating how different global markets will respond to regulatory changes and thinking about how cybercriminals will evolve their tactics. And, of course, we’re preparing for the myriad ways all of these emerging trends will impact businesses.

At the beginning of 2023, we predicted that greater incident complexity, class actions for cyber extortion and increased use of security measures like multi-factor authentication (MFA) would be the big themes –all of which did indeed bear out over the course of the year.

Will our 2024 predictions be equally prescient? That remains to be seen. But regardless of how things unfold, we will be here to track the trends, share our insights and help our broker and client partners stay informed so that you can make the very best cyber security decisions possible. Thanks for being with us for the journey.

Patricia Kocsondy
Head of Global Cyber Digital Risks

Data presented in this Cyber Services Snapshot is derived from global incidents reported to Beazley between 2021 and 2023.
The information set forth in this communication is intended as general risk management information. It is made available with the understanding that Beazley does not render legal services or advice. It should not be construed or relied upon as legal advice and is not intended as a substitute for consultation with counsel. Although reasonable care has been taken in preparing the information set forth in this communication, Beazley accepts no responsibility for any errors it may contain or for any losses allegedly attributable to this information. Non-insurance products and services are provided by non-insurance company Beazley affiliates and independent third parties. Separate terms and conditions may apply.