Hunton Insurance Recovery Blog

In its third quarter report, insurer Beazley reported a nine-fold increase in social engineering attacks (i.e., deception-based fraud/crime) as compared to the same time last year.  So far, the majority of social engineering attacks in 2017 were focused on the professional services sector (18%), followed by financial institutions (9%), higher education (9%) and healthcare (3%).  The report also notes continued high rates of unintended disclosure via employee negligence across all sectors (29%), second only to affirmative hacking or malware attacks (34%).

The results of the report underscore the importance of proper social engineering insurance coverage, proper employee education, and proper internal controls to limit human-error vulnerabilities.

For the complete report, click here.