Security News > 2024 > August > Business and tech consolidation opens doors for cybercriminals

Ransomware remained the leading cause of loss since January 2023, with 64% of ransomware-related claims resulting in a loss.

The financial severity of claims related to ransomware attacks increased 411% from 2022 to 2023.

Vendor-driven claims are the fastest-growing area of claims and are now the fastest-growing cause of loss for claims overall.

In 2023, 35% of claims originated in a vendor failure, and in 2024, that number is already 40% and expected to grow.

Of all claims received since January 2023, 35% were the result of a vendor data breach or ransom attack exploiting a third-party vendor-including notable vulnerabilities associated with Ivanti software-and in 2024 that number is already 40%, and expected to grow.

Manufacturing rose from 15.2% of all claims in 2023 to 41.7% of all claims in 2024; while construction rose from 6.1% of 2023 claims to 25.0% of 2024 claims.

News URL

https://www.helpnetsecurity.com/2024/08/16/technology-consolidation-risks/