The Travelers Companies, Inc. (NYSE: TRV), a provider of property and casualty insurance, has released its Q4 2024 Cyber Threat Report, revealing a notable surge in ransomware activity.
The report, based on data gathered from ransomware leak sites, highlights an increase in the number of organisations targeted by ransomware groups last quarter.
These groups employed consistent attack methods, such as exploiting weak credentials in virtual private network (VPN) accounts and bypassing multi factor authentication (MFA) protections.
Travelers continues to partner with policyholders to enhance their cybersecurity readiness.
The company provides customised approaches to identifying and mitigating vulnerabilities through pre-breach services, real-time monitoring, alert systems, and access to specialists available 24/7. This strategy helps businesses reduce the likelihood of a cyber attack and ensures a swift recovery if an event occurs.
“Based on our observations, it’s clear that basic attack techniques are still highly effective for ransomware groups,” added Jason Rebholz, Vice President and Cyber Risk Officer at Travelers.
“These groups have been on the offensive, proactively hunting for targets and having significant success. It’s vital that businesses implement proven security controls, such as MFA, to make it far more challenging for malicious actors to carry out an attack on their organisation. Travelers can help mitigate the risks.”
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