Beazley’s latest Cyber Services Snapshot research reveals fraudulent instruction claims are on the rise

London, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Fraudulent instruction as a form of cyber attack is on the rise according to data released today in Beazley’s new Cyber Services Snapshot report.

In addition to insights from professionals on the front line of Beazley’s incident response teams, the report features data gathered between 2020 and Q3 of 2022, including cause of loss by industry, ransomware vectors, business email compromise, and data exfiltration. These data points provide a real-time view into incidents reported to Beazley, revealing an ongoing picture of emerging cyber risk. 

The data reveals that professional service firms experienced more fraudulent instruction and almost as many business email compromise incidents so far in 2022 as in the whole of 2021. Claims caused by fraudulent instruction are on the rise this year despite an overall decline in incidents.
 
In contrast, system infiltration overall is down in 2022, due to a combination of factors including better risk selection, improved security practices, and threat actor attention being focused elsewhere. Noting that this “breather” gives organizations time to get their arms around their cyber assets before there is a resurgence in attacks, the new Beazley Cyber Services Snapshot also includes a deep dive into the importance of asset management. It also explains that organizations must be alert to the ways that gaps in inventory can slow down detection and response capabilities, both on-premises and in the cloud. 

“The past two years of pandemic-driven remote work have led to decreased inter-departmental communication and less oversight overall, making the likelihood that an organization has an incomplete asset inventory greater than ever,” said Bala Larson, Beazley’s Head of Client Experience. “Good asset management is good governance, and as such, it needs to be built into business decision-making. Organizations that fail to do so inherently expose themselves to cyber breaches that result in higher costs and more liability.”

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For further information, please contact:

Beazley Group Sam WhiteleyT +44 (0)20 7674 7484

Emily RogersT +44 (0)20 7674 7517

Note to editors:
Beazley plc (BEZ.L) is the parent company of specialist insurance businesses with operations in Europe, United States, Canada, Latin America and Asia. Beazley manages six Lloyd’s syndicates and, in 2021, underwrote gross premiums worldwide of $4,618.9m. All Lloyd’s syndicates are rated A by A.M. Best. 

Beazley’s underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd’s.

Beazley’s European insurance company, Beazley Insurance dac, is regulated by the Central Bank of Ireland and is A rated by A.M. Best and A+ by Fitch.

Beazley is a market leader in many of its chosen lines, which include professional indemnity, cyber, property, marine, reinsurance, accident and life, and political risks and contingency business. 

For more information please go to: beazley.com

Emily Rogers
Beazley Group
+44 (0)20 7674 7517
[email protected]

Source: Beazley Group