Corvus Insurance

The number of active ransomware groups globally rose to 59 in Q3 of 2024, reflecting an increasingly complex threat landscape and one that’s more competitive than ever before. Read what MSSP Alert has to say about the latest ransomware data from our threat intel team. #Ransomware #Cyberinsurance 

🎙In the latest episode of The Insuring Cyber Podcast, industry leaders unpack the critical challenges in cyber risk management. Peter L. Hedberg, RPLU, CPLP, VP of Underwriting, joins host Elizabeth Blosfield to address common misconceptions in cyber insurance, how policies are evolving, and why this is an essential conversation for executives and boards. Listen here: https://lnkd.in/eCss39ne #cyberinsurance #riskmanagement #cybersecurity

🚨 In November 2024, ransomware activity reached an all-time high, with 632 reported victims listed to leak sites. That is more than double the historical monthly average of 307 victims, and far exceeds even the recent months of heightened activity we reported on in our Q3 2024 Cyber Threat report. It also surpasses the previous peak of 527 victims recorded in May 2024, making November the most active month on record for ransomware attacks. ❓The question on everyone’s minds: what happened in November 2024? Read the latest insights from our threat intel team to find out. https://lnkd.in/eCjUPs9X #ransomware #cyberinsurance 

🚨 Our Q3 data highlights a surge in attackers leveraging VPNs for initial access, contributing to 28.7% of ransomware claims. Many incidents were traced to outdated software or VPN gateways with default or weakly protected accounts. Common usernames like “admin” or “user” and a lack of multi-factor authentication (MFA) make these accounts vulnerable to automated brute-force attacks. Attackers exploit publicly accessible systems by testing combinations of these weak credentials, frequently achieving network access with minimal effort. Learn the latest in ransomware news from our threat intel team so you can educate your clients on what to look out for and how to protect themselves: https://lnkd.in/gE9D4Map #Ransomware #CyberInsurance

In Corvus Insurance's latest Cyber Threat Report, it's revealed that the top 5 ransomware operations accounted for 40% of cyber-attacks in Q3 2024. The report highlights a growing trend in the complexity and competition within the ransomware ecosystem. Notably, the rise of RansomHub and the continued activity of LockBit 3.0 show how quickly attackers adapt to shifting environments. Key findings include: ▪️ 1257 victims posted to leak sites in Q3 2024 ▪️ RansomHub has seen explosive growth, with over 290 attacks in 2024 ▪️ VPN vulnerabilities contributed to nearly 30% of ransomware incidents 🔍 Want to know how these trends are impacting your business? Click the link to dive into the full report and learn how to better protect your organization from emerging ransomware threats. https://bit.ly/3VbAiLo #LockBit #LockBitBlack #RansomHub #Play #Meow #HuntersInternational #ransomware

☁️ While the widespread adoption of cloud technologies has come with significant security benefits for small to mid-sized businesses, companies that are entirely cloud hosted or SaaS based still need defense in depth to protect their data. Corvus Claims observes that threat actors are increasingly targeting and obtaining login information for cloud environments in order to steal or encrypt (or both) data for extortion purposes. Security controls like EDR, a resilient backup strategy and MFA must be top of mind to reduce overall security risk. Let’s dig into why these controls are important: https://lnkd.in/ey_2NWqw #CloudSecurity #SaaS #CyberInsurance

🔓 Account takeovers have accounted for 81% of data breaches in recent years. There are limits to what a single password can do. Rather than asking for a single password that hackers and cyber criminals can gain access to, this adds an additional layer of security. Learn how MFA helps protect against unauthorized access, data breaches, and password-based cyber-attacks: https://lnkd.in/gtKJstkU #MFA #CybersecurityAwarenessMonth #Cybersecurity

Corvus Insurance today released its Q3 2024 Cyber Threat Report, which showed that attackers leveraging virtual private network vulnerabilities and weak passwords for initial access contributed to nearly 30% of ransomware attacks. According to the Q3 report, many of these incidents were traced to outdated software or VPN accounts with inadequate protection. “Attackers are focused on finding the path of least resistance into a business to launch an attack, and in Q3 that entry point was the VPN,” said Jason Rebholz, Chief Information Security Officer at Corvus. “As we look forward, businesses must strengthen defenses with multi-layered security approaches that extend beyond MFA. Today, MFA is mere table stakes and must be complemented with secure access controls capable of shoring up these current and future areas of vulnerability.” Learn more: https://lnkd.in/gU_w6vng #ransomware #cyberinsurance

Corvus dedicated the month of October to volunteering for causes related to homelessness and food insecurity. Our Boston area team had the opportunity to prepare and serve lunches at local homeless shelters Rosie's Place and St. Francis House. #cyberinsurance #saferworld #Thanksgiving

Today at the PLUS Conference, Corvus CISO, Jason Rebholz, joins Travelers' Vice President Claims, Bond & Specialty Insurance, Bob Flowers, and the FBI's Jaykumar Patel, for a panel on the current and future threat of deepfakes. The panel will demonstrate the current state of how AI and other technology advances are enabling threat actors to commit cybercrimes and social engineering frauds. #plusconference #deepfakes #cybersecurity #cyberinsurance