Trends in Data Breaches

In the attached Breach Insights report, the Beazley Breach Response team discusses claims and breach trends that their team has been witnessing throughout the course of the year. This latest issue focuses on a recent increase in cyber attacks among smaller financial institutions (below $35M in revenue). Among these financial institutions, small banks and credit unions are particularly attractive targets, as they may not have a dynamic data security system in place, as its larger, more sophisticated peers. The report goes on to provide valuable information about leading causes of breaches, with a useful 2015 to 2016 comparison. Lastly, Breach Insights provides some valuable tips that all clients can use regarding steps which can help to minimize the risk of a cyber attack. Read more.