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The Current Risk Landscape

Phishing and software vulnerability exploitation are on the rise.

After a relatively quiet end to 2022, cyber incident frequency has skyrocketed in Q1 2023, with notable month-to-month increases in incidents.

Globally, phishing is on our radar again. Though this social engineering trend is not new, the heightened frequency is notable – and speaks to the need for greater diligence on the part of organisations and individuals alike.

Claims data also shows that incidents that start with an exposed software vulnerability are rising in frequency in the US. As new critical vulnerabilities are exposed on hundreds of thousands of servers, there is growing likelihood that a hacker may gain access to an organisation’s systems. 

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The exploitation of previously unknown vulnerabilities (known as zero-day vulnerabilities) is a key tactic that hackers are using to gain entry into systems and networks. When these tactics are successful, others quickly jump to imitate, leaving millions of unpatched systems at risk.
Monique Parrish

Beazley Cyber Services Manager, Houston

The information set forth in this document is intended as general risk management information. It is made available with the understanding that Beazley does not render legal services or advice. It should not be construed or relied upon as legal advice and is not intended as a substitute for consultation with counsel. Beazley has not examined and/ or had access to any particular circumstances, needs, contracts and/or operations of any party having access to this document. There may be specific issues under applicable law, or related to the particular circumstances of your contracts or operations, for which you may wish the assistance of counsel. Although reasonable care has been taken in preparing the information set forth in this document, Beazley accepts no responsibility for any errors it may contain or for any losses allegedly attributable to this information.

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