Beazley is a market leader handling various lines of insurance, including professional indemnity, cyber, property, marine, reinsurance, accident and life, political risks, and contingency business.
Exploitation of software vulnerabilities is driving an increase in cyber incidents, according to the latest Cyber Services Snapshot report released by Beazley.
The report highlights the importance of implementing a layered cybersecurity strategy, known as “Defence in Depth,” to protect organisations from evolving threats.
Beazley report finds a rise in ransomware attacks
Beazley’s report provides global data on cyber incidents handled by its Cyber Services, including insights into the causes of loss across industries, ransomware drivers, business email compromise, and data theft. Notably, the findings reveal a rising trend in ransomware attacks exploiting software vulnerabilities, with incidents occurring at an alarming speed.
The data indicates a relatively equal distribution of methods employed by cybercriminals to launch ransomware attacks, emphasising the need for a multi-layered security approach to safeguard today’s IT systems. Supply chain attacks further reinforce the importance of layered solutions, making education on implementing these tactics crucial.
Christian Taube, Head of Cyber Services, International at Beazley, highlighted the increase in network attacks observed by their Cyber Services Team, many of which stemmed from cloud-based software vulnerabilities. He 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.”
He added: “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.”
