Supply chain attacks up over 400 percent since 2021
A new report from cyber insurance provider Cowbell shows that supply chain attacks have increased by an astounding 431 percent since 2021.
It also shows that large enterprises (those with greater than $50 million revenue) are 2.5 times more likely to encounter cyber incidents. Manufacturing is the most vulnerable sector, driven by its reliance on automation and exposure to intellectual property threats.
Cowbell founder and CEO Jack Kudale says, "The digital age has opened up some incredible avenues for business growth. But in the same breath, it's also brought a complex set of cyber risks. Across the board, we're seeing cybercriminals capitalize on interconnectivity, automation, and emerging tools like AI to launch increasingly sophisticated attacks."
Public administration and educational services also face elevated risks, particularly from ransomware attacks, with a 70 percent increase in attacks on educational institutions over the past year.
Five risky technology categories are identified by the report these being, operating systems, content management tools, virtualization technologies, server-side technologies, and business applications.
"This report underscores one particularly critical reality: no business -- large, small, or niche -- is immune to cyber threats," adds Kudale. "Larger organizations are key targets because of their vast data and complex operations, while smaller businesses are at risk due to supply chain vulnerabilities and limited cybersecurity resources. The latter may face a lower frequency of attacks overall, however, the consequences of a single incident can be devastating, including significant financial losses, crippling downtime and business interruption, and, in some cases, closure. The stark 70 percent rise in attacks on educational institutions, many under-resourced, highlights how vulnerable underprepared sectors can be."
The full report is available from the Cowbell site.
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