New Corvus Insurance Data Reveals Ransomware and Fraudulent Funds Transfer Represent More Than Half of All Claims
Corvus Insurance, the leading provider of Smart Cyber Insurance® products powered by AI-driven risk data, today released findings from its third Corvus Risk Insights Index™, a compilation of industry trends and data analysis. The report's findings are drawn from sources of data that Corvus uses to power its underwriting and proactive risk mitigation measures that help its policyholders improve their cybersecurity posture. These sources include the company's proprietary IT security scanning technology and detailed claims reporting.
The report compares top cyber risks from the evolving threat landscape. Notably, Corvus found that Fraudulent Funds Transfer (FFT) continues to generate substantial losses for organizations, comprising 36% of all claims in Q3 2022. FFT is defined as an attack in which threat actors use social engineering tactics to trick employees or vendors into transferring funds to the wrong accounts. Additional findings include:
"Global cybercrime is growing more complex by the day, presenting security leaders with new challenges. With the power of security insights and dynamic claims data feeding Corvus's technologies, we can help our policyholders improve their cybersecurity posture by informing them of emerging threats and best practices," said Jason Rebholz, Chief Information Security Officer at Corvus Insurance. "While ransomware continues to be a dominant risk, we are seeing tactics change, including the rise of other forms of extortion as well as funds transfer fraud. The findings from our report serve as a reminder to all security leaders that cybersecurity is fluid and attackers will shift their methods, even revisiting old tactics, so long as they continue to reap financial benefits."
With that in mind, the latest Corvus Risk Insights Index™ focuses on key cybersecurity findings, including:
Main Drivers of Cyber Loss: FFT & Ransomware
Business Email Compromise (BEC) is on the Rise: The Root Cause of FFT Incidents & Other Cybercrime
Additionally, third-party attacks, FFT, and ransomware were the top risk trends that led to cybercrimes in 2022 compared to 2021.
Data Theft: The Evolving Face of Extortion
"It's vital that the cybersecurity and insurance industries stay connected to remain agile in the changing threat landscape," said Rebholz. "Rising instances of data exfiltration show that cybercriminals will respond quickly to thwart security professionals, and identify creative ways to increase leverage in ransom negotiations. Insurers have visibility into these changes, enabling us to take an informed, proactive approach with our brokers, policyholders, and partners. It's Corvus's responsibility as a leading insurtech to not only make our policyholders safer, but also to help empower the industry at large to make the world a safer place."
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