Attackers will employ a wider range of strategies and tactics
Attackers will employ a wider range of strategies and tactics
Cybercriminals are constantly evolving their tactics to increase pressure on their victims, as they seek to maximise the monetary value and impact of their attacks.
Employees will require additional training on AI risks as these continue to evolve in 2024. Human resources teams, for example, should be prepared for cybercriminals to make use of AI bots to gain employees’ trust.
Organisations should also be aware that cybercriminals are starting to publish leaked data on the public Internet, making this data more accessible to the public and thus increasing the pressure to pay a ransom. An organisation named on a cybercriminal’s blog can become a target for other cybercriminals who might reach out asking for a ransom payment, falsely claiming to be the group who performed the hack.
Other risks with data being exposed publicly include public data impacting merger and acquisition (M&A) strategy or repudiating intellectual property rights, especially when trade secrets are stolen.
We have witnessed an escalation in cyberattacks targeting critical infrastructure, notably water treatment facilities. Cyber criminals have abandoned previously held 'rules of engagement,' signalling a further disregard for ethical boundaries. Other critical assets, like hospitals and nuclear power facilities, are at higher risk. It's a stark reminder of the increasingly perilous landscape in cybersecurity, demanding vigilance and robust protective measures.
Data presented in this Cyber Services Snapshot is derived from global incidents reported to Beazley between 2021 and 2023.
The information set forth in this communication is intended as general risk management information. It is made available with the understanding that Beazley does not render legal services or advice. It should not be construed or relied upon as legal advice and is not intended as a substitute for consultation with counsel. Although reasonable care has been taken in preparing the information set forth in this communication, Beazley accepts no responsibility for any errors it may contain or for any losses allegedly attributable to this information. Non-insurance products and services are provided by non-insurance company Beazley affiliates and independent third parties. Separate terms and conditions may apply.
We have witnessed an escalation in cyberattacks targeting critical infrastructure, notably water treatment facilities. Cyber criminals have abandoned previously held 'rules of engagement,' signalling a further disregard for ethical boundaries. Other critical assets, like hospitals and nuclear power facilities, are at higher risk. It's a stark reminder of the increasingly perilous landscape in cybersecurity, demanding vigilance and robust protective measures.
