“(Beazley Head of Cyber Services Raf Sanchez) explained that this is because many incidents are notifiable not just to regulators but often must be disclosed to clients (who have inserted mandatory notification obligations into supply contracts).
He also said that Beazley expects an increase in D&O claims linked to cyber-attacks in the coming year and also expect an increase in third-party litigation arising out of cyber events.”
Source: Cyber landscape to increase in 2022: Beazley’s Raf Sanchez – Reinsurance News