“Expected trends” refer to observed increases in cyber incidents, while “multimodal data” combines survey responses with proprietary insurance claims analyses.
Based on a 2024 survey of 3,200 respondents from organizations in the Asia Pacific region, EMEA, LATAM, and North America*, a global professional services firm has released some insights about data trends addressing this year’s cyber risk landscape for users of its “Cyber Quotient Evaluation Platform”*.
First, among respondents in APAC, there had been a 29% year-on-year rise in cyber incident frequency, and a 134% growth over the four years preceding 2024. Editor’s note: a comparison based on multiple prior surveys carries the caveat that methodology adjustments and other inevitable statistical variations may limit absolute comparability.
Second, reported cyber insurance claim notifications had risen by 22% in the region during the same four-year period that may reflect observed trends in threat activity.
Other findings
Third, a 53% increase in social engineering incidents had been observed, while insurance claims involving social engineering and fraud had surged by 233%: both percentages cite trends derived from previous reporting intervals, with all attendant limitations in cross-year survey comparability. High-profile, AI-driven deepfake attacks had contributed to this significant uptick in reported incidents. Also:
- 56 out of 1,414 cyber events analyzed had evolved into “reputation risk events” — incidents flagged as having attracted substantial public and shareholder attention. For the organizations affected, an average 27% decline in shareholder value had been reported following these reputation risk incidents
- Cyber maturity scores had improved, approaching “managed” maturity (2.73 out of 4.0)
- The market for cyber insurance was described as competitive, with low take-up among eligible businesses (about 6%)
- Respondents had indicated growing investment in user awareness and application security, especially targeting emerging risks associated with AI
According to Adam Peckman, Head, Risk Consulting and Cyber Solutions (APAC) and Global Head, Cyber Risk Consulting, Aon PLC, the firm releasing findings for its user platform: “As cyber threats grow more complex and interconnected, companies need a clearer view of their exposure; stronger alignment between cyber security and insurance strategies; and the tools to make better, data-driven decisions.”
*Findings are based on self-reported data from 3,226 organizations completing the platform-captive survey in 2024, merged with additional data from “a patented global e-submission tool that streamlines the cyber insurance intake process and provides insights into their cyber exposures and insurability.”
Results by year and comparisons to previous cycles are limited by changes in the survey sample and design.
