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Revealed – the form of cyber attack on the rise

Insurance Business Magazine

Fraudulent instruction as a form of cyber attack is on the rise, according to new data from specialty insurer Beazley.

The report includes data gathered between 2020 and Q3 of 2022, including cause of loss by industry, ransomware vectors, business email compromise, and data exfiltration. Beazley analyzed these data points to reveal the current state of cyber risk.

According to the report, professional services firms experienced more fraudulent instruction and almost as many business email compromise incidents so far in 2022 as they did in the entirety of 2021. Claims caused by fraudulent instruction are rising this year despite an overall decline in incidents, Beazley said.


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