BusinessInsurance.com reported on comments from Joerg Ahrens (global head of long-tail claims at Allianz Global Corporate & Specialty SE) “Whether due to ransomware, human error or a technical fault, the loss of critical systems or data can bring an organization to its knees in today’s digitalized economy,…If an online platform is unavailable due to a technical glitch or cyber event, it could bring large losses for companies that rely on it, particularly given today’s increasing reliance on online sales or digital supply chains.”The November 19, 2020 article entitled “Business interruption drives 60% of cyber losses: Allianz” included these comments from Catharina Richter (global head of Allianz’s Cyber Center of Competence):
Losses from incidents such as DDoS attacks or phishing and ransomware campaigns account for a significant majority of the value of cyber claims today,…
Almost half a million ransomware incidents were reported globally last year, costing at least $6.3 billion in ransom demands.
Total costs are thought to be in excess of $100 billion
No surprises in this Report from Allianz.
This blog is made available by Foley & Lardner LLP (“Foley” or “the Firm”) for informational purposes only. It is not meant to convey the Firm’s legal position on behalf of any client, nor is it intended to convey specific legal advice. Any opinions expressed in this article do not necessarily reflect the views of Foley & Lardner LLP, its partners, or its clients. Accordingly, do not act upon this information without seeking counsel from a licensed attorney. This blog is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Communicating with Foley through this website by email, blog post, or otherwise, does not create an attorney-client relationship for any legal matter. Therefore, any communication or material you transmit to Foley through this blog, whether by email, blog post or any other manner, will not be treated as confidential or proprietary. The information on this blog is published “AS IS” and is not guaranteed to be complete, accurate, and or up-to-date. Foley makes no representations or warranties of any kind, express or implied, as to the operation or content of the site. Foley expressly disclaims all other guarantees, warranties, conditions and representations of any kind, either express or implied, whether arising under any statute, law, commercial use or otherwise, including implied warranties of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Foley or any of its partners, officers, employees, agents or affiliates be liable, directly or indirectly, under any theory of law (contract, tort, negligence or otherwise), to you or anyone else, for any claims, losses or damages, direct, indirect special, incidental, punitive or consequential, resulting from or occasioned by the creation, use of or reliance on this site (including information and other content) or any third party websites or the information, resources or material accessed through any such websites. In some jurisdictions, the contents of this blog may be considered Attorney Advertising. If applicable, please note that prior results do not guarantee a similar outcome. Photographs are for dramatization purposes only and may include models. Likenesses do not necessarily imply current client, partnership or employee status.