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Chubb Index Highlights Importance of Professional Services Industry Taking More Protective Steps Against Cyber Attacks

Businesses can take extra steps to protect their remote workforce against cyber threats

In the latest edition of the Chubb Cyber InFocus Report, Chubb data reveals that the professional services industry need to take more proactive and protective measures against potential cyber attacks. Chubb has seen a 10% increase in cyber incidents relating to professional services companies. These are largely email-driven organizations, meaning there are many opportunities for employees to click on malicious links, driven by email phishing.

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“Most cyber attacks are coming from outside the company, leaving businesses at greater risk in the current work-from-home environment,” said William A. Wise, Head of Chubb Cyber North America. “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.”

For example, companies should use multifactor authentication for protected data and to keep software and applications up-to-date.

In addition to highlighting risks within the professional services industry, the latest Cyber InFocus report also examines:

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  • Changes in cyber vulnerability by industry since 2016.
  • Breach sources over the last four years showing an increase in threats by external actors, including malware attacks.
  • Cyber crime examples in the most vulnerable industries, how they were exposed and what was learned in the process.

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According to the Chubb Cyber Index:

  • Chubb has also seen an 8% increase in cyber incidents for the technology sector, a 7% increase in the manufacturing industry and a notable increase in the public entity claim counts.
  • Over the last two years, malware-related incidents have grown to account for 22% of claims, compared to 25% for social, or email phishing, which are other leading causes of cyber attacks.

“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 organizations,” added Anthony Dolce, Vice President, Cyber Lead, Chubb North America Financial Lines Claims. “The Cyber InFocus Report is a timely tool to help agents, brokers and companies understand the latest trends on cyber threats, helping to prevent issues from happening in the first place.”

Chubb’s Cyber InFocus report, which first launched in early 2018, provides insights into the effects of cyber risks and trends on specific industries or business segments each quarter. Such insight is based on Chubb’s use of third-party research, as well as proprietary claims data from more than two decades of insuring organizations against evolving cyber threats.

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