Beazley reveals significant leap in data breaches

Global insurance underwriter shines spotlight on four emerging trends

Beazley reveals significant leap in data breaches

Insurance News

By Lyle Adriano

For the first quarter of 2017, global insurance underwriter Beazley reported that there has been a significant increase in the number of data breach incidents.

The company’s Beazley Breach Response Service division posted that it had managed 39% more data breach incidents (a total of 641 cases) in the first quarter of 2017 than in the same period last year (which had a total of 462).

Based on the data breach incidents it has resolved, Beazley has identified four emerging trends:

Direct deposit deception – Hackers are using phishing techniques to gain access to employee email accounts, requesting a password reset from the company’s payroll. The hackers can then change employees’ direct deposit bank details to their own and redirect all payroll emails to junk mail, allowing their theft to go unnoticed.

Ransomware – Ransomware attacks in Q12017 were 35% higher than those in the same period last year.

Hacked hospitals – For healthcare facilities, hacks and malware represented 16% of losses in Q1 2017.

Hacked banks – For financial institutions such as banks, hacks and malware represented a majority – 39% – of breaches in Q1 2017.

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Beazley shines spotlight on new cyber threat
Cyber insurance market set to grow

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