Beazley report offers vital information on rising cyber risks

Study looks at what can be learned from more than 2,500 data-breach incidents

Beazley report offers vital information on rising cyber risks

Insurance News

By Ryan Smith

Cyber extortion, payroll-diversion phishing attacks, and fraudulent wire instruction are among the growing online threats to business highlighted in a new report from insurer Beazley.

Beazley’s 2018 Breach Briefing analyses information from the 2,500 data-breach incidents that the insurer has helped its clients manage over the last year. It provides a detailed analysis of the kinds of cyberattacks faced by Beazley’s US clients in 2017.

“Criminals are intent on stealing data or extorting cash, and their methods are becoming more sophisticated by the day,” said Katherine Keefe, Beazley’s global head of Beazley Breach Response Services. “Wherever weaknesses exist – in systems, processes or simple human fallibility – every organisation, regardless of sector and size, is vulnerable. We hope our briefing will help organisations understand the risks more fully and ensure they are doing all they can to protect themselves.”

The report includes practical steps that organizations can take to protect against cyber threats from extortion to phishing scams. It includes advice on W-2 fraud, fraudulent wire instruction, ransomware, payroll diversion and more.

Beazley has handled more than 7,500 cyber breach incidents since 2009. For a full copy of the 2018 Breach Briefing, click here.

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