27th November 2024 – Organizations must prepare for the escalating risk of unplanned technology outage events, driven by a rise in cloud service provider outages and an increased frequency of industry-wide Single Point of Failure events, CyberCube has warned.
CyberCube, the leading provider of advanced cyber risk analytics, stated in its Global Threat Briefing report that cloud disruptions appear to be accelerating at an alarming rate, impacting critical services across sectors. It stated the (re)insurance market should prepare for Single Point of Failure (SPoF) technology outage events, as highlighted in 2024 by notable industry-level outage events such as the Change Healthcare attack, CDK Global ransomware event, and the global CrowdStrike IT outage. These disruptions have demonstrated the far-reaching consequences of key service provider failures.
William Altman, CyberCube Cyber Threat Intelligence Prinicipal, said: "To navigate this evolving landscape, businesses, insurers, and regulators must adopt proactive measures. This includes strengthening cybersecurity frameworks to keep pace with emerging technologies, fostering greater collaboration to mitigate shared risks, and developing innovative insurance strategies tailored to a rapidly changing threat environment.”
The report, which is an in-depth analysis of evolving cybersecurity trends and their potential impact on the (re)insurance industry, also provides insights into cyber threats facing critical sectors. It highlights the Energy & Utilities industry as highly exposed with a wide variation in security, while the Transportation & Logistics sector is highly exposed but also secure. Meanwhile, CyberCube observed a large portion of US Public Sector entities, such as city, state, and local government networks, to be under-secured relative to their high exposure to cyber threats.
Analysis of cyber criminal threats shows ransomware still predominantly impacts the US, but there are specific countries witnessing a rise in the threat - particularly countries in and around conflict zones such as Ukraine, and among some countries whose governments have publicly invested in cryptocurrency reserves. The report states insurers must adapt by developing more precise policy language, implementing sophisticated threat intelligence, and working closely with governments and security agencies to improve attribution and response mechanisms.
The Global Threat Briefing is now available here.
About CyberCube
CyberCube is the leading provider of software-as-a-service cyber risk analytics to quantify cyber risk in financial terms. Driven by data and informed by insight, we have harnessed the power of artificial intelligence to supplement our multi-disciplinary team. Our clients rely on our solutions to make informed decisions about managing and transferring cyber risks. We unpack complex cyber threats into clear, actionable strategies, translating cyber risk into financial impact on businesses, markets, and society as a whole.
The CyberCube platform was established in 2015 within Symantec and now operates as a standalone company. Our models are built on an unparalleled ecosystem of data and validated by extensive model calibration, internally and externally. CyberCube is the leader in cyber risk quantification for the insurance industry, serving over 100 insurance institutions globally. The company’s investors include Forgepoint Capital, HSCM Bermuda and Morgan Stanley Tactical Value. For more information, please visit www.cybcube.com or email info@cybcube.com.
Contact: Yvette Essen, Head of Content, Communications & Creative yvettee@cybcube.com