General Insurance Article - Cyber incidents increase driven by software vulnerabilities


Findings underscore importance of a layered “Defence in Depth” strategy. Rise in supply chain attacks further supports need for layers of security protection and implementation of data minimisation best practices

 Beazley, the leading specialty insurer, is today launching its latest Cyber Services Snapshot report, which shows that combatting the increased exploitation of software vulnerabilities with a layered “Defence in Depth” cybersecurity strategy is essential to protect organisations.
 
 The report presents global data on incidents handled by Beazley’s Cyber Services including cause of loss by industry, ransomware drivers, business email compromise, and data theft. Among the latest findings, ransomware incident trends demonstrate increased exploitation of software vulnerabilities; particularly notable is the speed at which these incidents occur.
 
 The data reveals a fairly even split among the ways cybercriminals are able to launch ransomware attacks on organisations, underscoring the importance of a layered security strategy to keep today’s IT systems safe. With supply chain attacks further elevating this need for layered solutions, education on how to implement these tactics is vital.
 
 Christian Taube, Beazley’s Head of Cyber Services, International said: “Over the past quarter, our Cyber Services Team has seen an uptick in network attacks, many of which have been driven by cloud-based software vulnerabilities. And with recent supply chain attacks on the rise worldwide, the access opportunities available to hackers are increasing.”
 
 “Cybercriminals are getting quicker at identifying security weaknesses and using them to gain entry into networks. This means that organisations must work even harder to stay on top of these exposures – and to ensure that even if someone gains entry into their systems, multiple layers of defence are in place to prevent the worst outcome.”
  

Back to Index


Similar News to this Story

Are you testing your smoke alarms often enough
Only 6% of residents follow safety recommendations for smoke alarms. More than one in 10 never test their alarms. Forgetfulness is given as the main r
SolvencyII review EU must unlock capital for Europes future
Insurance Europe welcomes the launch of the European Commission’s consultation on the Level 2 technical measures of the Solvency II review. It is an o
Mapathon puts Worlds vulnerable communities on the Map
The insurance data and analytics team at LexisNexis® Risk Solutions in the United States and Ireland have led a Mapathon in support of Missing Maps, a

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.