The latest from CyberCybe, let’s watch those outages people;
Organizations must prepare for the escalating risk of unplanned technology outage events, driven by a rise in cloud service provider outages and an increased frequency of industry-wide Single Point of Failure events, CyberCube has warned.
CyberCube, the leading provider of advanced cyber risk analytics, stated in its Global Threat Briefing report that cloud disruptions appear to be accelerating at an alarming rate, impacting critical services across sectors. It stated the (re)insurance market should prepare for Single Point of Failure (SPoF) technology outage events, as highlighted in 2024 by notable industry-level outage events such as the Change Healthcare attack, CDK Global ransomware event, and the global CrowdStrike IT outage. These disruptions have demonstrated the far-reaching consequences of key service provider failures.
William Altman, CyberCube Cyber Threat Intelligence Prinicipal, said: “To navigate this evolving landscape, businesses, insurers, and regulators must adopt proactive measures. This includes strengthening cybersecurity frameworks to keep pace with emerging technologies, fostering greater collaboration to mitigate shared risks, and developing innovative insurance strategies tailored to a rapidly changing threat environment.”
The report, which is an in-depth analysis of evolving cybersecurity trends and their potential impact on the (re)insurance industry, also provides insights into cyber threats facing critical sectors. It highlights the Energy & Utilities industry as highly exposed with a wide variation in security, while the Transportation & Logistics sector is highly exposed but also secure. Meanwhile, CyberCube observed a large portion of US Public Sector entities, such as city, state, and local government networks, to be under-secured relative to their high exposure to cyber threats.
Analysis of cyber criminal threats shows ransomware still predominantly impacts the US, but there are specific countries witnessing a rise in the threat – particularly countries in and around conflict zones such as Ukraine, and among some countries whose governments have publicly invested in cryptocurrency reserves. The report states insurers must adapt by developing more precise policy language, implementing sophisticated threat intelligence, and working closely with governments and security agencies to improve attribution and response mechanisms.
The Global Threat Briefing is now available here.
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