Resilience issued its Midyear 2023 Claims Report, which is well worth the read.

In addition to commenting on the impact of the MOVEit incident, some of the key findings include:

• Ransomware remains a leading cause of losses of insureds
• Ransom costs continue to increase, which may mean that threat actors are targeting larger targets
• Third-party vendors are being targeted and have taken over as the highest point of failure in claims
• Extortion by threatening to release exfiltrated data continues to be used as a strategy for threat actors
• Cybercrime is “indiscriminate,” and all industries are targets

It is important to stay on top of data that is shared by insurers and others in the cybersecurity industry to assess risk and new threats. This midyear report is current and timely and provides valuable information to consider when assessing your cybersecurity strategy.