APAC cyber claims up 22% in 2024, ‘likely to accelerate’: Aon
July 15 2025 by InsuranceAsia News
Cyber incident frequency in Asia Pacific rose by 29% year on year in 2024, contributing to a 22% rise in cyber insurance claims last year, according to Aon’s latest cyber risk report.
Incident frequency has risen by 134% over the last four years, however, the rate of increase in 2024 was slower than the 41% seen in 2023.
According to Aon’s 2025 Cyber Risk Report for APAC, the region is experiencing significant growth in cyber claims notifications, driven by the rising frequency and sophistication of cyber incidents.
The report noted that AI-driven deepfake attacks have resulted in a 233% increase in fraud claims from social engineering incidents, which was up 53% year on year.
Globally, while malware and ransomware attacks made up only 45% of total cyber incidents, they accounted for 60% of all reputation risk events.
Geopolitical forces, such as trade tensions, territorial disputes and reconfigurations of the global supply chain is seen to be shaping how companies in APAC manage cyber risk, the report said.
“In 2025, global and regional geostrategic tensions remain a key driver of cyber risk for companies in APAC,” said Adam Peckman, Aon’s global head of cyber risk consulting.
“This trend is likely to accelerate with nation-state-backed threat actors continuing to employ cyber campaigns to facilitate conflicts or instigate grey-zone operations for the purposes of economic coercion, corporate espionage, or to harm regional rivals by targeting strategically important economic infrastructure.”
Despite increased activity, insurers across APAC remained profitable and did not realise significant losses across the year as businesses were able to recover systems and operations quickly post-breach, the broker said.
The report noted that APAC is experiencing significant competition among the many international insurers and increasing numbers of cyber insurance carriers entering from the London market.
In response, the local insurance market are mobilising to improve their policies and servicing.
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