The professional services sector has seen significant growth over the past few years, spurred by globalization. However, this growth is also accompanied by increased exposure to risks, especially those of a technological nature. Beazley’s latest Cyber Services Snapshot report revealed that professional service firms are increasingly being targeted by cyberattacks.
According to the report, professional services companies have seen a higher volume of fraudulent instruction attacks and almost as many business email compromise incidents so far in 2022 compared to the whole of 2021.
Bala Larson (pictured above), head of client experience at Beazley, told Corporate Risk and Insurance that professional services firms are lucrative targets for cybercriminals due to their data-rich environments, including data about their own B2B clients.
“In some cases, they might hold onto data for very long periods of time, even after it is no longer useful,” Larson said. “This is especially dangerous…
