Third-Party Threats and Ransomware: The Dynamic Duo of 2024 Cyber Losses!
Third-party attacks are causing financial havoc, making up 31% of insurance claims in 2024, a leap from 0% last year. Ransomware, the headline-stealing villain, is behind 42% of these claims, quadrupling losses. So buckle up—your vendor’s weak password might just cost you a fortune!
Hot Take:
Looks like cybercriminals have upgraded from “spray and prey” to “pick and plunder,” as third-party attacks become the new black in the cyber underworld’s fashion lineup. Who knew ransomware had a penchant for exclusivity?
Key Points:
- Third-party risks accounted for 31% of client insurance claims and 23% of material losses in 2024.
- Ransomware attacks on vendors made up 42% of third-party claims with a four-fold increase in losses compared to 2023.
- The CDK automotive software firm attack is a prime example of a third-party ransomware incident.
- Vendor security failings, like the CrowdStrike outage, contributed to 4% of material claims.
- Overall, ransomware accounted for 62% of claims with material losses in 2024.
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