Dive Brief:
- Cyberattacks targeting third-party vendors are causing more financial damage than ever before, cyber risk management firm Resilience said in a recent report.
- Nearly a quarter (23%) of cyber insurance claims filed with Resilience last year involved material losses resulting from a third-party breach, according to the analysis. It’s a first for the company, which hasn’t previously observed customer claims with material losses in the third-party risk category.
- “Many of the vendor-related incidents from 2024 resulted in some sort of pause on our customers’ ability to conduct business and, as a result, had a much larger financial impact,” Ann Irvine, chief data and analytics officer at Resilience, said via email.
Dive Insight:
Increasingly, threat actors have focused their energies on exploiting a single point of failure in one company to “create a cascading effect of disruption and chaos downstream,” Resilience said in a press release on the research findings.
The global average cost of a data breach in 2024 was nearly $4.9 million, according to IBM research. But the year saw some incidents that…
