A ‘multi-layered’ approach to cyber defence is vital in combatting a rise in cybersecurity threats, warns specialty insurer Beazley.

The firm’s latest cyber services snapshot report shows a particular threat from supply chain attacks seeking to exploit software vulnerabilities which it says need to be met with a layered ‘defence in depth’ cybersecurity strategy.

The report presents global data on incidents handled by Beazley’s cyber services including cause of loss by industry, ransomware drivers, business email compromise, and data theft. Among the latest findings, ransomware incident trends demonstrate increased exploitation of software vulnerabilities; particularly notable is the speed at which these incidents occur.

The data reveals a fairly even split among the ways cybercriminals are able to launch ransomware attacks on organisations which Beazley says underscores the importance of a layered security strategy to keep IT systems safe. With supply chain attacks further elevating this need for layered solutions, it warns that education on how to implement these tactics is vital.

Christian Taube, Beazley’s international head of cyber services, said: “Over the past quarter, our cyber services team has seen an uptick in network attacks, many of which have been driven by cloud-based software vulnerabilities. And with recent supply chain attacks on the rise worldwide, the access opportunities available to hackers are increasing.

“Cybercriminals are getting quicker at identifying security weaknesses and using them to gain entry into networks. This means that organisations must work even harder to stay on top of these exposures – and to ensure that even if someone gains entry into their systems, multiple layers of defence are in place to prevent the worst outcome.”

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