Fraudulent Instruction Claims Are Increasing, Says Beazley
Fraudulent Instruction Claims Are Increasing, Says Beazley
Despite an overall drop in occurrences, data from Beazley’s new Cyber Services Snapshot report indicates that fraudulent instruction as a kind of cyber attack is on the rise.
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According to the report’s findings, professional service providers have already seen nearly as many business email hack cases in 2022 as they did in all of 2021, and more false instruction.
In contrast, the report found that system infiltration overall is down in 2022, with better risk selection, improved security practices, and threat actor attention being focused elsewhere all factoring in.
Beazley writes, “With three quarters’ worth of data now available for 2022, we can see a decline in system infiltration as a cause of loss from 2021 to 2022 for all industries except healthcare.
Fraudulent Instruction Claims Are Increasing, Says Beazley
“Though there are many factors that drive the ebb and flow of incidents, we’d like to think that greater recognition and efforts towards cybersecurity by policyholders have played a role in this shift – and we encourage continued diligence in this area.”
Threat actors are also increasingly using anti-forensics techniques to obscure their activities, which the report notes is an important reminder that a defense-in-depth approach is more essential than ever for organizations to prevent malicious activity after an intrusion and to remain resilient.
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Bala Larson, Beazley’s Head of Client Experience, commented, “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.
“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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In addition, a recent study from Zurich North America and Advisen indicated that 86% of respondents now have cyber insurance, up 3% from 2021 and the highest percentage in the history of the survey, though increasing premiums and restrictions for cyber coverage have created frustration for some business leaders.
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