Corvus by Travelers

🚨 Cyber Risk Prevention in Action: A Success Story 🚨 At Corvus by Travelers, we understand the importance of rapid response when it comes to cyber threats. Recently, we helped a social service agency avoid a potential ransomware attack that could have led to significant financial and operational disruption. 🔍 The Challenge: A compromised account from the agency’s remote desktop tool was up for sale on the dark web, potentially opening the door for cybercriminals to launch a ransomware attack. ⚡ Our Swift Response: Within 30 minutes of detection, our team quickly alerted the agency and took action. By working closely with an incident response firm, we isolated the threat, strengthened defenses, and prevented further damage. ✅ The Results: - Ransomware Claim Avoided  - Cost Efficiency: The entire incident response process cost just $23K – a fraction of what a typical ransomware attack would cost.  - Zero Disruption: The agency remained fully operational with no service interruptions. This proactive collaboration highlights the importance of early detection and rapid intervention, and the value of expert cyber risk management in keeping organizations safe. 🔗 Read the full case study: https://lnkd.in/eMFNFH22  #CyberSecurity #CyberInsurance #RiskPrevention #Ransomware  

What does Travelers acquisition of Corvus, an industry-leading cyber insurance managing general underwriter mean for Travelers agents, brokers and customers? It’s huge! Peter Herron, Senior Vice President, Management Liability at Travelers, and Madhu Tadikonda, former CEO of Corvus and Head of the Specialty Cyber Business Unit at Travelers, will join me April 30 on #WednesdayswithWoodward to talk about how this partnership is enhancing Travelers’ cyber insurance. We’ll cover Corvus' history, along with new risk management services and technology, including a new suite of capabilities available with most cyber liability policies, and more. Register here: https://lnkd.in/gqhM7NFC Huge thanks to our webinar partners: University of South Carolina Darla Moore School of Business  Insurance Association of Connecticut CBIA UConn MS FinTech and the MetroHartford Alliance

2024 was a defining year for ransomware, with cybercriminals moving away from exploiting one-time vulnerabilities and instead focusing on repeatable attack methods. A prime tactic? Targeting weak VPN credentials.   This shift toward scalable attacks has allowed ransomware groups to systematically identify and exploit vulnerabilities at an unprecedented scale.  For a comprehensive analysis, read the full Q4 2024 Travelers Cyber Threat Report: https://lnkd.in/epnTnP_b #CyberThreats #Ransomware #MFA #CybersecurityTrends #CyberInsurance  

We’re announcing the launch of our new Cyber Risk Services, designed to help businesses prepare for the complexities of today’s cyber landscape. These new services will be available to all cyber liability policyholders and allow business owners to focus more time on what matters – growing their business. Read more: https://travl.rs/3FPJYGF #Cybersecurity

As detailed in the Q4 2024 Travelers Cyber Threat Report, the cyber landscape was marked by the emergence of 55 new ransomware groups in 2024 – a 67% increase from the previous year. This rapid growth indicates the rise of smaller, more agile players in the cybercrime ecosystem. Read the full Q4 2024 Travelers Cyber Threat Report: https://lnkd.in/epnTnP_b  #CyberThreats #Cybersecurity #Ransomware #CyberInsurance 

According to the Q4 2024 Travelers Cyber Threat Report, the fourth quarter of 2024 set a record for observed ransomware activity, with 1,663 known victims posted on leak sites. This marked a 32% increase from Q3 and highlighted an escalating trend of cyber threats as we moved into the holiday season. Notably, while ransomware attacks remained high, more businesses are resisting paying ransoms, indicating stronger resilience against these costly attacks. For a comprehensive analysis, read the full Q4 2024 Travelers Cyber Threat Report: https://lnkd.in/epnTnP_b #CyberSecurity #Ransomware #CyberInsurance

As manufacturers embrace modernization through technologies like IoT and 5G, it's crucial not to overlook cybersecurity. A recent article in ManufacturingTomorrow.com by Jason Rebholz, VP, Cyber Risk Officer, highlights that 65% of manufacturing and production organizations reported ransomware attacks in 2024, with average ransom payments reaching $1.2 million. The integration of new technologies expands the cyberattack surface, making robust security measures essential. Prioritizing cybersecurity is vital to protect operations and maintain uptime. Read the full article for in-depth insights: https://lnkd.in/eqjsw5r6   #Manufacturing #Cybersecurity #Ransomware #Cyberinsurance

As cyber risks evolve, staying ahead is critical. Here are five trends reshaping the cyber claims landscape: 1️⃣ Class Action Surge: Breaches as small as 1,000 records now face class action lawsuits—often before breach notifications.  2️⃣ Regulatory Pressure: States like NY are enforcing stricter breach reporting laws, increasing compliance costs.  3️⃣ Privacy Litigation: Disputes over tracking tech highlight the need for robust data practices.  4️⃣ Vendor Risks: Supply chain attacks are rising, making vendor risk management vital.  5️⃣ BEC Sophistication: Business email compromise is costing businesses more than ever. 📖 Read our full analysis: https://lnkd.in/eZXtkbdZ #Cybersecurity #CyberRisk #Claims  

🏥 Even as surges in the pandemic waned, threat actors still prioritized attacks on healthcare providers. While the industry grappled with an onslaught of attacks, they followed the advice of cybersecurity experts to step up their cyber hygiene: https://lnkd.in/gAD7Fae5 #Ransomware #Cybersecurity #CyberInsurance

The number of active ransomware groups globally rose to 59 in Q3 of 2024, reflecting an increasingly complex threat landscape and one that’s more competitive than ever before. Read what MSSP Alert has to say about the latest ransomware data from our threat intel team. #Ransomware #Cyberinsurance