Spotlight on Technology Risk

Beazley emphasizes the broad scope of tech risks organizations face, encompassing concerns for information security professionals, IT security experts, and general counsels. Beazley notes a contrast between the high confidence of insurance buyers in their resilience and the reality of constantly evolving cyber threats, which often leave organizations struggling to keep up. While acknowledging the allure of new technologies and services, the video stresses the importance of not neglecting the fundamental principles of cybersecurity and risk mitigation as key elements in building better resilience against evolving threats.

Keeping Up With Cyber Threats

Beazley discusses the challenges companies face in keeping up with evolving cyber threats. It highlights that new cyber threats typically emerge every 12 to 18 months, and approximately 20% of organizations struggle to stay ahead of these threats. They emphasize that addressing different cyber threats, such as ransomware and data breaches, requires distinct mitigation strategies. To combat these challenges, companies need to continuously invest in cybersecurity measures, engage in ongoing learning, and maintain a proactive stance. Beazley concludes by noting that as malicious actors constantly devise new attack methods, cybersecurity will remain a significant challenge for organizations in the foreseeable future.

Trends in Cyber Claims

Beazley discusses the increasing interconnectedness of companies where businesses rely heavily on supply chains and vendors to enhance efficiency and improve services for their clients. It highlights how nation-state attackers exploit this interconnected network by targeting weak links, often vendors, to create widespread effects across hundreds or thousands of entities. This strategy allows attackers to achieve their desired impact on a large scale. Beazley emphasizes the importance of policyholders understanding this vulnerability and developing contingency plans to ensure resilience if these supply chains are compromised or disrupted.

Trends in Cyber Crime

Beazley discusses three major trends in cyber attacks. The first trend is the increasing prevalence of third-party attacks targeting companies’ supply chains. Second is the evolution of attack tactics, emphasizing that traditional cybersecurity measures like multi-factor authentication, backups, firewalls, and VPNs are being increasingly exploited. Lastly, Beazley points out that cyber attacks are becoming faster, with threat actors capable of rapidly breaching an organization’s infrastructure, often completing their operations within hours.

Evolution of Cyber Attacks

Beazley discusses the critical role of employees in cyber security and the increasing sophistication of cyber attackers. As organizations improve their defenses, such as implementing multi-factor authentication, criminals adapt their techniques to exploit user trust. The rise of AI is expected to enhance phishing attempts. Attackers are increasingly manipulating employees to divulge authentication codes or accept push notifications. Beazley emphasizes the importance of understanding these evolving threats, allowing organizations to adapt their cyber security programs better and minimize potential damage from attacks.

What is the Cyber Kill Chain? 

The Cyber Kill Chain is a model used by cybersecurity defenders to understand the sequence of steps an attacker must follow to achieve their objectives. This model is particularly useful in scenarios where cybercriminal organizations attempt to deploy ransomware or steal data for ransom. The Cyber Kill Chain helps defenders anticipate an attacker’s next move and respond appropriately. For instance, it breaks down the attack process into distinct steps, such as gaining initial access to the environment and moving between computers. By understanding these steps, defenders can develop more effective detection and response strategies to identify and stop attackers earlier in their progression through the kill chain.

Cyber Criminal Techniques

Beazley discusses the evolution of cyber-criminal organizations. These groups have become increasingly sophisticated by reinvesting their profits from ransomware attacks into research and development, much like traditional businesses. This investment has allowed them to develop attack capabilities that rival government organizations. Cybercriminals are now targeting internet-facing systems, such as virtual private networks, and breaching the systems designed to prevent cybersecurity attacks. As a result, defenders must adapt their strategies, recognizing that even MFA can be bypassed.

Preventable Claims

Beazley discusses the importance of implementing and activating security features in organizations’ cybersecurity solutions. It emphasizes four key areas:

• filtering outbound connections
• using multifactor authentication (MFA)
• employing secure, hardened configurations
• turning on security features

The video stresses the importance of consistently and quickly implementing security changes and encourages organizations to view their cybersecurity provider as a partner before and after incidents occur.

Cyber Resilience 

Beazley discusses five key elements for businesses to achieve cyber resilience. First, it emphasizes the importance of getting the basics right, including properly implementing multi-factor authentication (MFA), VPNs, backups, and firewalls. Second, it advises companies to understand and protect only the needed data, eliminating unnecessary information to reduce risk. Third, it warns against being an easy target, as most attackers prefer low-effort opportunities. Fourth, it stresses the importance of preparing for potential attacks by understanding how they might unfold and implementing defense-in-depth mechanisms. Finally, it recommends combining managed detection and response systems with threat intelligence for optimal protection, emphasizing the need for early response to cyber threats.

How is Cyber Crime Evolving?

Beazley discusses the evolution of cybercrime over the past four decades, highlighting how cybercriminals have increasingly utilized advanced technology and techniques to manipulate individuals into divulging personal information and exploiting vulnerabilities in security systems. It emphasizes that cybercrime has transformed into a sophisticated industry, often involving ruthless individuals who may operate with or without state support. Many of these criminals enjoy significant impunity, making extradition difficult. Additionally, the video points out that global executives frequently underestimate the dynamic risks associated with cyber incidents, indicating a critical gap in understanding and preparedness within organizations.

Cyber Insurance Impact on Business 

Beazley discusses the crucial role of cyber insurance in today’s rapidly changing threat landscape. It emphasizes that cyber insurance serves as a safety net for businesses, assuring investors and employees. Beazley highlights that cyber insurance providers go beyond mere reactive measures, leveraging their claims and incident threat information to guide businesses in enhancing their resilience against cyber risks and attacks.

Full Spectrum Cyber

Beazley introduces “full-spectrum cyber,” a comprehensive approach to cybersecurity that aims to keep organizations ahead in the ongoing battle against cybercrime. This service helps clients preempt cyber threats, respond to them effectively, and adapt to new risks as they emerge in the ever-evolving digital landscape. The message emphasizes that with this solution, clients can look forward confidently, knowing they have the best cyber team supporting them.

Unprepared for Cyber Risk

A recent survey shows a significant disconnect between businesses’ perception of their cyber risk preparedness and the actual global threat landscape. While an overwhelming 88% of businesses surveyed believe they are well-prepared for cyber risks, this confidence appears misaligned with the projected $10.5 trillion in global cyber damages by 2025. Furthermore, only 25% of businesses consider cyber risk as one of their top priorities, which has been steadily declining since 2021, when it was 34%. This trend suggests that businesses may underestimate cyber threats’ importance and potential impact despite the growing scale of possible damages.