Numbers drawn from Allianz internal customer data show a 17% increase in the value of cyber claims and a 14% increase in frequency during this period. The central driver is class action lawsuits connected to data and privacy breaches.
An internal Google document not meant for public view catalogs a long string of privacy breaches previously unknown outside of the company. While each of the items in the database leak is small and deals with incidents that may have involved just one individual, there are thousands in total, spanning six years of company history.
Organizations found to be responsible for a privacy breach now face a maximum penalty of AUD 50 million, 30% of adjusted annual domestic turnover, or three times the value of any benefit obtained through the misuse of the leaked information.
