25 November 2020IT & claims management analysis

Professional services companies must be on guard against cyber attacks: Chubb

The professional services industry must take more proactive and protective measures against potential cyber attacks, according to  Chubb’s latest Cyber InFocus Report.

Chubb has seen a 10 percent increase in cyber incidents relating to professional services companies. As largely email-driven organisations, there are many opportunities for employees to click on malicious links, driven by email phishing, Chubb warned.

Chubb also reported an 8 percent increase in cyber incidents for the technology sector, a 7 percent increase in the manufacturing industry and a notable increase in the public entity claim counts.

The re/insurer advised companies to use multifactor authentication for protected data and to keep software and applications up-to-date.

Over the last two years, malware-related incidents have grown to account for 22 percent of claims, compared to 25 percent for social, or email phishing, which are other leading causes of cyber attacks, Chubb said.

Chubb's Cyber InFocus report was first launched in early 2018 and provides insights into the effects of cyber risks and trends on specific industries or business segments each quarter, based on third-party research and proprietary claims data.

William Wise, head of Chubb cyber North America, noted that most cyber attacks originate from outside the company, leaving businesses at greater risk in the current work-from-home environment.

"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,” he warned.

Anthony Dolce, vice president and cyber lead at Chubb North America financial lines claims, added: "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 organisations.”