The cyber threats shaping tomorrow's risks

Getting your business ready for the next wave of cyber crimes.

In an era where every byte matters, Kroll’s Q2 2024 Cyber Threat Landscape Report highlights a rapidly evolving digital battleground. 

For leaders in reinsurance, this is more than just another cybersecurity update—it is a call to recalibrate risk models in the face of an increasingly volatile landscape.

FOG ransomware is increasingly targeting educational institutions, with incidents showing a striking seasonal pattern. 

The summer months, characterised by stretched IT resources, provide fertile ground for attackers. 

For reinsurers, such cycles present a unique challenge: how do you quantify risk when attackers time their campaigns for maximum impact?

Long hailed as bastions of innovation, cloud platforms are now emerging as potential vulnerabilities. 

Cloud platforms are now an Achilles' heel

Exploits like CVE-2024-3400, a flaw in Palo Alto Networks’ PAN-OS, underscore that no system is impervious. 

With unauthorised access incidents in cloud ecosystems up by 7 percent, reinsurers must reassess their assumptions about digital safety.

Professional services remain the most targeted sector—a position they have held for over a year. 

However, the sharp rise in threats to healthcare and manufacturing highlights an expanding attack surface. 

For reinsurers, this broadening scope demands new metrics to account for emerging vulnerabilities in previously overlooked industries.

Incidents such as the Scattered Spider group’s audacious use of social engineering to breach cloud systems illustrate a troubling trend: attackers are “doing their homework.” 

Detailed reconnaissance, coupled with advanced malware and ransomware-as-a-service models, reflects an unprecedented level of sophistication.

For reinsurance leaders, the implications are clear. This is no longer just a cybersecurity issue; it is a systemic risk. 

As ransomware continues its stranglehold, operational disruptions, data theft, and reputational damage are becoming ever more expensive to insure. 

Meanwhile, the widening attack surface across industries and cloud environments demands agile, forward-looking risk models.

Kroll’s Q2 2024 Cyber Threat Landscape Report offers actionable insights to help reinsurance leaders anticipate the threats shaping the next generation of liabilities.

Are you ready to lead the charge?

Discover now how the latest trends in cyber threats impact your risk strategy. Download the full report today by clicking here.

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.