Unpatched security flaws up cyber insurance claim risk

SiliconAngle reports that organizations with one unpatched security vulnerability were 33% more likely to have cyber insurance claims, while those that continued leveraging old unsupported software had a threefold increased likelihood of claims. Seventy-six percent of reported incidents were attributed to phishing, which was over six times more common than the next most prevalent attack method, according to a report from Coalition. Moreover, phishing-related cyber insurance claims by Coalition members were also noted to have a 29% increase from the start of last year although ransomware claims had a 54% year-over-year decline. "Threat actors are forever looking for targets with weak security controls or unprotected infrastructures these are the paths of least resistance into a company's network. Unfortunately, that's why human inaction, such as not patching a publicized critical vulnerability or updating out-of-date software, is a high-risk factor for a cyber incident or cyber claim," said Coalition Head of Claims Catherine Lyle.