Third-party risk is biggest cybersecurity blind spot

Third-party risk has emerged as a dominant driver of cyber insurance claims and material losses in 2024, according to new data from leading cyber risk solutions company Resilience. Cyber insurance claims data shows that third-party risk, including ransomware and outages affecting vendors, accounted for 31 percent of all claims in 2024. Even more startling, third-party risk led to claims with incurred losses for the first time ever, making up nearly a quarter (23 percent) of incurred claims in 2024 (compared to none in 2023). 'Third-party risk isn't only making headlines -- it's driving unprecedented losses. While this risk is often… [Continue Reading]