Beazley’s 2018 Breach Briefing reveals the rapidly-changing cyber risk landscape

Cyber extortion, payroll diversion phishing attacks and fraudulent wire instruction are among the growing threats to business highlighted in the 2018 Breach Briefing, a report published today by specialist insurer Beazley.

The trends described in the report draw on information deriving from the 2,500 data breach incidents that Beazley, a leading insurer of cyber risks, helped clients manage over the past year.   The report provides a detailed analysis of the types of cyber-attacks that affected Beazley’s US clients in 2017, with a spotlight on the retail, hospitality and healthcare sectors, and uses real-life examples to illustrate how successful attacks and scams work.

From cyber extortion to phishing scams, each of the cyber threats detailed in the Breach Briefing is accompanied by practical steps that organizations can take to protect themselves against these new and persistent threats.   These include advice regarding:

• W-2 fraud
• Fraudulent wire instruction
• Ransomware
• Payroll diversion
• Attacks on credit cards
• Office for Civil Rights compliance (healthcare sector)

Beazley has handled over 7,500 breach incidents since 2009.  The frontline experience of the insurer’s in-house breach response team, Beazley Breach Response (BBR) Services affords a unique insight into the changing nature of cyber-risks, how organizations are impacted and the preventative measures that they can take.

Katherine Keefe, global head of BBR Services said: “Criminals are intent on stealing data or extorting cash and their methods are becoming more sophisticated by the day.  Wherever weaknesses exist –in systems, processes or simple human fallibility - every organization regardless of sector and size is vulnerable.  We hope our Briefing will help organizations understand the risks more fully and ensure that they are doing all they can to protect themselves.”

A full copy of the 2018 Breach Briefing is available by clicking here

-ends-

Beazley plc is the parent company of specialist insurance businesses with operations in Europe, the US, Canada, Latin America, Asia, the Middle East and Australia. Beazley manages six Lloyd’s syndicates and, in 2017, underwrote gross premiums worldwide of $2,344 million. 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 is a market leader in many of its chosen lines, which include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.

For more information please go to: www.beazley.com

BZPR_022018

Attachments:

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/b641ba24-4364-44bb-a817-fcd25bada0e1

Eleanor Lewis
Beazley Group
[phone]
[e-mail]

Deborah Kostroun
Ketchum Zito
[phone]
[e-mail]