{"id":23197,"date":"2025-02-28T16:44:23","date_gmt":"2025-02-28T16:44:23","guid":{"rendered":"https:\/\/www.insurancejournal.com\/?p=813641"},"modified":"2025-02-28T16:44:23","modified_gmt":"2025-02-28T16:44:23","slug":"resilience-third-party-risk-involved-in-31-of-cyber-claims","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2025\/02\/28\/resilience-third-party-risk-involved-in-31-of-cyber-claims\/","title":{"rendered":"Resilience: Third-Party Risk Involved in 31% of Cyber Claims"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.insurancejournal.com\/app\/uploads\/2024\/06\/bigstock-Digital-Cybersecurity-And-Netw-305967490-1-580x406.jpg\"><\/p>\n<div><img decoding=\"async\" src=\"https:\/\/www.insurancejournal.com\/app\/uploads\/2024\/06\/bigstock-Digital-Cybersecurity-And-Netw-305967490-1.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<ul class=\"nav nav-tabs tabs tabs-entry\">\n<li class=\"active\"><a href=\"https:\/\/www.insurancejournal.com\/news\/national\/2025\/02\/28\/813641.htm\">Article<\/a><\/li>\n<li><a href=\"https:\/\/www.insurancejournal.com\/news\/national\/2025\/02\/28\/813641.htm?comments\" rel=\"nofollow\">0 Comments<\/a><\/li>\n<\/ul>\n<div class=\"article-content clearfix\">\n<p>More merger-and-acquisition activity and technology consolidation have given cyber hackers plenty of entry points to exploit, making third-party cyber risk a dominant driver of claims for Resilience in 2024.<\/p>\n<p>New research from the San Francisco-based cyber solutions company found 31% of claims it handled in 2024 dealt with third-party risk, including ransomware and outages affecting vendors.<\/p>\n<div class=\"bzn bzn-sized bzn-intext\">\n<ins data-revive-zoneid=\"79\" data-revive-topics=\"claims,cyber\" data-revive-companies data-revive-block=\"1\" data-revive-id=\"36eb7c2bd3daa932a43cc2a8ffbed3a9\"><\/ins> <\/div>\n<p>\u201cThird-party risk isn\u2019t only making headlines\u2014it\u2019s driving unprecedented losses. While this risk is often invisible until it\u2019s too late, it\u2019s now clear that the industry has reached a tipping point,\u201d said Vishaal \u201cV8\u201d Hariprasad, co-founder and CEO of Resilience. \u201cBusinesses can no longer afford to consider their partners\u2019 vulnerabilities as siloed from their own. By understanding this new reality of shared risk, enterprises can make smarter business decisions and meaningfully mitigate material loss.\u201d<\/p>\n<p>Third-party risk led to claims with incurred losses for the first time ever. Resilience said this claims made up 23% of incurred claims in 2024, compared to none in 2023.<\/p>\n<p>Recent incidents such as Change Healthcare, CDK, PowerSchool have highlighted how cyber hacker exploit single points of failure.<\/p>\n<p>Additional new findings from Resilience, which build upon its <a href=\"https:\/\/unlock.cyberresilience.com\/2024-mid-year-cyber-risk-report-ungated\" target=\"_blank\" rel=\"noopener\">Midyear Cyber Risk Report,<\/a> include that ransomware kept its position as the top cause of loss in 2024. More than 60% of Resilience claims were related to ransomware.<\/p>\n<p>The cyber insurer also flagged transfer fraud as rising in popularity. Claims involved transfer fraud made up 18% of incurred claims in 2024.<\/p>\n<p class=\"tagtag\"> <span class=\"tagtag\">Topics<\/span> <a href=\"https:\/\/www.insurancejournal.com\/cyber\/\" class=\"btn btn-sm btn-primary tagtag\">Cyber<\/a> <a href=\"https:\/\/www.insurancejournal.com\/claims\/\" class=\"btn btn-sm btn-primary tagtag\">Claims<\/a> <\/p>\n<\/p><\/div>\n<div class=\"article-poll\" data-post=\"813641\">\n<div class=\"article-poll-vote\">\n<p>Was this article valuable?<\/p>\n<\/p><\/div>\n<div class=\"article-poll-feedback voted-no\">\n<form class=\"feedback-form\">\n<p>Thank you! Please tell us what we can do to improve this article.<\/p>\n<p> <textarea placeholder=\"Enter your feedback...\"><\/textarea> <button type=\"submit\" class=\"submit\" disabled>Submit<\/button> <button class=\"cancel\">No Thanks<\/button> <\/form>\n<\/p><\/div>\n<div class=\"article-poll-feedback voted-yes\">\n<form class=\"feedback-form\">\n<p>Thank you! <span class=\"percent\"><\/span>% of people found this article valuable. Please tell us what you liked about it.<\/p>\n<p> <textarea placeholder=\"Enter your feedback...\"><\/textarea> <button type=\"submit\" class=\"submit\" disabled>Submit<\/button> <button class=\"cancel\">No Thanks<\/button> <\/form>\n<\/p><\/div>\n<div class=\"article-poll-more-articles\">\n<p class=\"thank-you-text\">Here are more articles you may enjoy.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"subscribe-banner subscribe-banner-in-content-2\">\n<div class=\"content\">\n<h4>Interested in <em>Claims<\/em>?<\/h4>\n<p>Get automatic alerts for this topic.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Article 0 Comments More merger-and-acquisition activity and technology consolidation have given cyber hackers plenty of entry points to exploit, making third-party cyber risk a dominant driver of claims for Resilience in 2024. New research&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":23198,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[33,2,1,328,1341,1342],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2025\/02\/resilience-third-party-risk-involved-in-31-of-cyber-claims.jpg","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/23197"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=23197"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/23197\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/23198"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=23197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=23197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=23197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}