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.

2024 Cyber risk predictions – Latest trends

With three full years of cyber claims data now available for side-by-side comparison, we can clearly see evidence of the myriad ways that security trends have evolved over time.

As anticipated, fraudulent instruction incidents were down 15% for the year, a shade more than predicted at end of Q3 . Retail, manufacturing, non-profit and government show significant improvement in managing fraudulent instruction risks, with declines of 38%, 35%, 23% and 20% year over year, respectively…