Chubb Index Highlights Importance of Professional Services Industry Taking More Protective Steps Against Cyber Attacks

Rhea-AI Summary

Chubb's latest Cyber InFocus Report reveals a significant rise in cyber incidents within the professional services industry, showing a 10% increase, largely due to email phishing. The report emphasizes the need for companies with remote workers to adopt protective measures, such as multifactor authentication. Additionally, there is an increasing trend in cyber incidents across various sectors, with the technology and manufacturing industries also experiencing rises of 8% and 7%, respectively. Chubb highlights the evolving complexity of cyber threats, stressing the importance of proactive risk management.

Positive

• 10% increase in cyber incidents in professional services indicates the need for enhanced cybersecurity solutions.
• Emphasis on multifactor authentication showcases proactive measures businesses can adopt.
• Cyber incidents in technology and manufacturing sectors rose by 8% and 7%, respectively, indicating growing awareness.

Negative

• Increased vulnerability due to remote work and rise in email phishing attacks pose ongoing security risks.

Businesses can take extra steps to protect their remote workforce against cyber threats

WHITEHOUSE STATION, N.J., Nov. 24, 2020 /PRNewswire/ -- In the latest edition of the Chubb Cyber InFocus Report, Chubb data reveals that the professional services industry need to take more proactive and protective measures against potential cyber attacks. Chubb has seen a 10% increase in cyber incidents relating to professional services companies. These are largely email-driven organizations, meaning there are many opportunities for employees to click on malicious links, driven by email phishing.  

"Most cyber attacks are coming from outside the company, leaving businesses at greater risk in the current work-from-home environment," said William A. Wise, Head of Chubb Cyber North America. "Due to the rise in incidents resulting from email phishing, employers with remote employees need to take additional steps to protect their companies against cyber threats."

For example, companies should use multifactor authentication for protected data and to keep software and applications up-to-date.

In addition to highlighting risks within the professional services industry, the latest Cyber InFocus report also examines:

• Changes in cyber vulnerability by industry since 2016.
• Breach sources over the last four years showing an increase in threats by external actors, including malware attacks.
• Cyber crime examples in the most vulnerable industries, how they were exposed and what was learned in the process.

According to the Chubb Cyber Index^SM:

• Chubb has also seen an 8% increase in cyber incidents for the technology sector, a 7% increase in the manufacturing industry and a notable increase in the public entity claim counts.
• Over the last two years, malware-related incidents have grown to account for 22% of claims, compared to 25% for social, or email phishing, which are other leading causes of cyber attacks.

"As cyber incidents continue to evolve in complexity and focus, it's critically important that companies understand how cyber-and privacy-related incidents affect their organizations," added Anthony Dolce, Vice President, Cyber Lead, Chubb North America Financial Lines Claims. "The Cyber InFocus Report is a timely tool to help agents, brokers and companies understand the latest trends on cyber threats, helping to prevent issues from happening in the first place."

Chubb's Cyber InFocus report, which first launched in early 2018, provides insights into the effects of cyber risks and trends on specific industries or business segments each quarter. Such insight is based on Chubb's use of third-party research, as well as proprietary claims data from more than two decades of insuring organizations against evolving cyber threats.

Visit www.chubb.com/cyber to read this quarter's Chubb Cyber InFocus Report, and reports from previous quarters, and get access to additional insight into risk mitigation practices, as well as real-time proprietary cyber claims data through the Chubb Cyber Index.

For more information on Chubb's cyber products and services, contact your local Chubb agent or broker. For more information on professional liability insurance, visit: www.chubb.com/us/professionalliability, or contact your local Chubb agent or broker.

About Chubb Cyber:
Chubb is a leader in insuring cyber risk. Combining industry-leading underwriting and expert third-party incident response services, Chubb offers policies that are tailored to the specific needs and risks of its clients to ensure they are ready with the tools and expertise necessary should a cyber incident occur. Moving swiftly to connect clients with the proper parties to minimize data loss is only part of what Chubb delivers. Keeping an eye on the ever-evolving cyber security landscape, Chubb looks for ways to do more for its clients by offering cutting-edge products and holistic services to every client.

About Chubb
With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 33,000 people worldwide. Additional information can be found at: www.chubb.com

Chubb Insurance Company of Canada has offices in Toronto, Calgary, Montreal and Vancouver and provides its products and services through licensed insurance brokers across Canada. For additional information, visit: chubb.com/ca.

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SOURCE Chubb

FAQ

What does the Chubb Cyber InFocus Report highlight about cyber threats?

The Chubb Cyber InFocus Report emphasizes a 10% increase in cyber incidents in the professional services industry and highlights the need for enhanced protective measures.

How much have cyber incidents increased in the technology and manufacturing sectors according to Chubb?

Chubb reports an 8% increase in cyber incidents for the technology sector and a 7% increase in the manufacturing sector.

What protective measures does Chubb recommend for companies with remote employees?

Chubb recommends using multifactor authentication and keeping software up-to-date as protective measures for remote employees.

What are the main sources of cyber incidents identified in the Chubb report?

The report identifies email phishing as a primary source of incidents, alongside malware attacks, which have also seen significant increases.