Regulatory changes expected to lead to spike in claims.
Numerous commentators have referred to 2017 as the year of
"Ransomware". The WannaCry and Petya attacks had wide
reaching global effects as malicious actors became increasingly
resourceful and deployed new methods to commit cyber extortion. As
an example, new malware strains were deployed in 2017 that exported
and publicly displayed a company's sensitive records in the
event a ransom payment was not made. There were also frequent high
profile intrusions throughout 2017.
2018 will see a number of new regimes commence.
Australia's Notifiable Data Breach regime under the Privacy Act
1988 comes into force on 22 February 2018. The General Data
Protection Regulation also comes into force on 25 May 2018 and will
apply to many businesses that collect or process the data of
European citizens.
