Cyber security helps decrease cyber incidents
Source: Middle East Insurance Review | Oct 2023
Cyber claims data available in Beazley’s Cyber Services Snapshots shows that in the first half of 2023 there was an uptick in ransomware incidents, with data exfiltration a major threat in a vast majority of cases.
The analysis, Cyber security steps to help decrease incidents, published by Beazley reveals that in addition to ransomware, there is also a lot of unintended disclosure from manual employee error, as well as fraudulent instruction leading from phishing.
Despite these trends, some of the security steps taken by the clients are now showing positive results. The insurer said, “Just 24 to 36 months out from the beginning of the remedial period (from both an application perspective and a heightened underwriting posture), we are seeing that the increased controls we have mandated – specifically in longer and or supplemental applications – are earning through.”
The insurer said security steps taken by its clients appear to be working as seen in a decrease in ransomware incidents for the first time since 2021.
“It’s great to see that by lasering in on the factors that result in reduced incidents for our clients, including email security mandates such as email multi-factor authentication, screening for malicious attachments/links, a quarantine service, sender policy frameworks and sandboxing of suspicious emails.”
The insurer said it is largely due to increased awareness by clients that they need to manage their remote connections diligently and manage and install critical patches across internet-facing systems actively.
The analysis said some of the emerging cyber trends are too fresh and are just evolving. These include technology risks from AI and IP theft to ransomware and systemic risk. The evolution of ‘initial access’ cyber tactics has begun to push the industry to a place where attackers are slowly transitioning away from phishing. M