Specialist re/insurer Beazley has released its latest Cyber Services Snapshot report, emphasising the critical importance of implementing a layered “Defence in Depth” cybersecurity strategy to safeguard organisations against the escalating exploitation of software vulnerabilities.
The report presents a comprehensive analysis of global incidents handled by Beazley’s Cyber Services, shedding light on the causes of loss across industries, ransomware drivers, business email compromise, and data theft.
Notably, the report reveals a concerning trend in the increased exploitation of software vulnerabilities in ransomware attacks, with a remarkable surge in the speed at which these incidents occur.
To effectively protect IT systems in today’s threat landscape, a layered security strategy is crucial, given the nearly equal distribution of methods employed by cybercriminals to launch ransomware attacks on organisations, the re/insurer noted.
Furthermore, the rise of supply chain attacks has further amplified the need for comprehensive layered solutions, making education on their implementation vital for organisations.
“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,” Christian Taube, Beazley’s Head of Cyber Services, International said.
“Cybercriminals are getting quicker at identifying security weaknesses and using them to gain entry into networks. 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.”
