TL;DR
- In early 2024, Kovrr identified the cyber loss scenarios most likely to impact the market financially, listing events from data breaches to ransomware attacks and highlighting specific attack vectors that would be exploited.
- All of these loss scenarios materialized, underscoring the potential that data-driven forecasts can have in guiding effective cyber risk management and high-level strategic planning.
- UnitedHealth’s Change Healthcare unit experienced a major business interruption, derailing critical healthcare services and leading to billions in projected financial losses.
- Not all cyber events are malicious in nature, and even faulty routine updates, like with CrowdStrike’s Falcon security software in July, can lead to significant losses if tailored incident response plans have not been established.
- Other high-profile incidents this year, such as breaches at Okta and Snowflake, highlight the cascading effects of supply chain vulnerabilities.
- Business email compromise (BEC) scams and credential theft have proven particularly costly, even for large enterprises that have invested heavily in cybersecurity measures.
- While understanding these…
