General Insurance Article - Middle market cyber attacks rise during the pandemic


Specialist insurer Beazley has reported that middle market organisations have been especially hard hit by online social engineering attacks during the pandemic. In the second quarter (Q2) of 2020, cybercriminals targeted businesses that remained open during lockdown where many employees were working remotely, making them more susceptible to cyber attacks.

 Of all the social engineering attacks reported to Beazley Breach Response (BBR) Services globally in Q2, 60% of organisations targeted were in the middle market (defined as over $35 million in annual revenue), up from 46% in Q1.

 Social engineering involving a system infiltration remained at a steady rate in the first half of the year. Fortunately, in more than 80% of reported incidents, the attack is stopped before a direct financial loss occurs.

 Kimberly Horn, Beazley’s global claims team lead for cyber & tech, said: “Middle market organisations have been resilient in maintaining their day-to-day operations during the pandemic and, in turn, their employees are more available to be targeted.

 Additionally, cybercriminals are executing more sophisticated attacks and middle market organizations provide richer targets.

 “As our global breach data has demonstrated, if an incident is responded to early enough, an organization can often avoid a direct financial loss such as stolen funds. Modest investments in training and process changes could reduce the likelihood of falling victim.”

 Fraudulent instruction attacks also primarily hit middle market organisations, which were the target in 55% of incidents, compared to 24% in Q1. In looking at individual sectors, healthcare, financial institutions, manufacturing, real estate, and education were the most targeted industries in Q2. The full Beazley Breach Insight report including tips on preventing social engineering and business email compromise is attached.
  

Back to Index


Similar News to this Story

FCA sets out proposals to tackle concerns about GI pricing
The FCA has today published the final report of its market study into the pricing of home and motor insurance. The FCA is concerned these markets are
Cyber insurance uptake remains low from SMEs
Despite a series of high-profile cyber security cases in recent years, the uptake of cyber insurance among small-medium enterprises (SME) remains low
Swiss Re CEO talks with Aon on the impact of Covid19
Aon has interviewed Swiss Re’s Reinsurance CEO Moses Ojeisekhoba as part of its Virtual Reinsurance Renewal Season.

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.