Corvus by Travelers

As manufacturers embrace modernization through technologies like IoT and 5G, it's crucial not to overlook cybersecurity. A recent article in ManufacturingTomorrow.com by Jason Rebholz, VP, Cyber Risk Officer, highlights that 65% of manufacturing and production organizations reported ransomware attacks in 2024, with average ransom payments reaching $1.2 million. The integration of new technologies expands the cyberattack surface, making robust security measures essential. Prioritizing cybersecurity is vital to protect operations and maintain uptime. Read the full article for in-depth insights: https://lnkd.in/eqjsw5r6 ? #Manufacturing #Cybersecurity #Ransomware #Cyberinsurance

As cyber risks evolve, staying ahead is critical. Here are five trends reshaping the cyber claims landscape: 1?? Class Action Surge: Breaches as small as 1,000 records now face class action lawsuits—often before breach notifications.? 2?? Regulatory Pressure: States like NY are enforcing stricter breach reporting laws, increasing compliance costs.? 3?? Privacy Litigation: Disputes over tracking tech highlight the need for robust data practices.? 4?? Vendor Risks: Supply chain attacks are rising, making vendor risk management vital.? 5?? BEC Sophistication: Business email compromise is costing businesses more than ever. ?? Read our full analysis: https://lnkd.in/eZXtkbdZ #Cybersecurity #CyberRisk #Claims??

?? Even as surges in the pandemic waned, threat actors still prioritized attacks on healthcare providers. While the industry grappled with an onslaught of attacks, they followed the advice of cybersecurity experts to step up their cyber hygiene: https://lnkd.in/gAD7Fae5 #Ransomware #Cybersecurity #CyberInsurance

The number of active ransomware groups globally rose to 59 in Q3 of 2024, reflecting an increasingly complex threat landscape and one that’s more competitive than ever before. Read what MSSP Alert has to say about the latest ransomware data from our threat intel team. #Ransomware #Cyberinsurance?

??In the latest episode of The Insuring Cyber Podcast, industry leaders unpack the critical challenges in cyber risk management. Peter L. Hedberg, RPLU, CPLP, VP of Underwriting, joins host Elizabeth Blosfield to address common misconceptions in cyber insurance, how policies are evolving, and why this is an essential conversation for executives and boards. Listen here: https://lnkd.in/eCss39ne #cyberinsurance #riskmanagement #cybersecurity

?? In November 2024, ransomware activity reached an all-time high, with 632 reported victims listed to leak sites. That is more than double the historical monthly average of 307 victims, and far exceeds even the recent months of heightened activity we reported on in our Q3 2024 Cyber Threat report. It also surpasses the previous peak of 527 victims recorded in May 2024, making November the most active month on record for ransomware attacks. ?The question on everyone’s minds: what happened in November 2024? Read the latest insights from our threat intel team to find out.?https://lnkd.in/eCjUPs9X #ransomware #cyberinsurance?

?? Our Q3 data highlights a surge in attackers leveraging VPNs for initial access, contributing to 28.7% of ransomware claims. Many incidents were traced to outdated software or VPN gateways with default or weakly protected accounts. Common usernames like “admin” or “user” and a lack of multi-factor authentication (MFA) make these accounts vulnerable to automated brute-force attacks. Attackers exploit publicly accessible systems by testing combinations of these weak credentials, frequently achieving network access with minimal effort. Learn the latest in ransomware news from our threat intel team so you can educate your clients on what to look out for and how to protect themselves: https://lnkd.in/gE9D4Map #Ransomware #CyberInsurance

In Corvus Insurance's latest Cyber Threat Report, it's revealed that the top 5 ransomware operations accounted for 40% of cyber-attacks in Q3 2024. The report highlights a growing trend in the complexity and competition within the ransomware ecosystem. Notably, the rise of RansomHub and the continued activity of LockBit 3.0 show how quickly attackers adapt to shifting environments. Key findings include: ?? 1257 victims posted to leak sites in Q3 2024 ?? RansomHub has seen explosive growth, with over 290 attacks in 2024 ?? VPN vulnerabilities contributed to nearly 30% of ransomware incidents ?? Want to know how these trends are impacting your business? Click the link to dive into the full report and learn how to better protect your organization from emerging ransomware threats. https://bit.ly/3VbAiLo #LockBit #LockBitBlack #RansomHub #Play #Meow #HuntersInternational #ransomware

?? While the widespread adoption of cloud technologies has come with significant security benefits for small to mid-sized businesses, companies that are entirely cloud hosted or SaaS based still need defense in depth to protect their data. Corvus Claims observes that threat actors are increasingly targeting and obtaining login information for cloud environments in order to steal or encrypt (or both) data for extortion purposes. Security controls like EDR, a resilient backup strategy and MFA must be top of mind to reduce overall security risk. Let’s dig into why these controls are important: https://lnkd.in/ey_2NWqw #CloudSecurity #SaaS #CyberInsurance

?? Account takeovers have accounted for 81% of data breaches in recent years. There are limits to what a single password can do. Rather than asking for a single password that hackers and cyber criminals can gain access to, this adds an additional layer of security. Learn how MFA helps protect against unauthorized access, data breaches, and password-based cyber-attacks: https://lnkd.in/gtKJstkU #MFA #CybersecurityAwarenessMonth #Cybersecurity