Watch also for potential spillover effects from destructive software masquerading as ransomware. Though the primary goal of criminal malware is to monetize, global conflict heightens the risk that malware that has been deployed for geopolitical purposes may spill over and cause destruction instead.
Finally, organizations who use industrial systems must take steps to protect operational technology, as well as IT infrastructure. Threat actors are looking for and targeting these systems, especially in the supply chain, where stopping one vendor can hugely impact the global economy.
We expect more regulatory oversight and enforcement activity directed at the ransomware ecosystem. Government organizations are attacking the issue on a number of fronts – targeting exchanges used for crypto payments, taking a more aggressive approach to sanctions, and pursuing criminal prosecution of ransomware threat groups.
Frank QuinnClient Experience Manager
New York
Data presented in this Cyber Services Snapshot is derived from incidents reported to Beazley.
The information set forth in this document is intended as general risk management information. It is made available with the understanding that Beazley does not render legal services or advice. It should not be construed or relied upon as legal advice and is not intended as a substitute for consultation with counsel. Beazley has not examined and/ or had access to any particular circumstances, needs, contracts and/or operations of any party having access to this document. There may be specific issues under applicable law, or related to the particular circumstances of your contracts or operations, for which you may wish the assistance of counsel. Although reasonable care has been taken in preparing the information set forth in this document, Beazley accepts no responsibility for any errors it may contain or for any losses allegedly attributable to this information.