Data from specialist insurer Beazley shows a 37% rise in ransomware attacks against the previous quarter, as cyber criminals look to exploit weak security programs of IT vendors.
24% of ransomware incidents reported to Beazley’s in-house breach response team were found to have originated with attack on an IT vendor or managed service provider (MSP).
Small businesses, which are often more dependant on MSPs to remotely manage their IT infrastructure, made up 63% of all ransomware incidents in the first nine months of 2019.
Katherine Keefe, global head of BBR Services, explained how IT vendors that supply small businesses often have clients that are wholly dependent on their expertise and availability to guide them through any IT issue, including a suspected or actual breach.
“When a vendor itself becomes the target of a ransomware attack, it can not only expose clients to the risk of a breach, but can leave them in the dark and without any IT support as the vendor battles with the initial breach and potentially exorbitant ransom demands.”
