Resilience’s insurance claims data helps CISOs translate technical cyber risk into monetary terms that CFOs and boards understand, making it easier to secure adequate security budgets. Their manufacturing portfolio shows ransomware caused 90% of incurred loss while misconfigured MFA (26%) and unpatched software (13%) were leading failure points, prompting recommendations to audit MFA, accelerate patching, and tighten payment controls. #BlackCat #Stryker
Keypoints
- Resilience maps specific cybersecurity events to financial loss so CISOs can present risk in monetary terms to boards and CFOs.
- Ransomware accounted for 90% of incurred losses despite representing only 12% of claims in the manufacturing portfolio.
- MFA misconfigurations were the single largest point of failure, responsible for 26% of losses and enabling the largest BlackCat ransomware incident.
- Software vulnerability exploits caused 13% of losses, highlighting the need for faster patching, network isolation, and virtual patching in manufacturing.
- Transfer fraud and email compromise make up 30% of claims; recommended controls include out-of-band payment confirmation, dual authorization, and targeted anti-phishing training.
Read More: https://www.securityweek.com/cyber-insurance-data-gives-cisos-new-ammo-for-budget-talks/