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Soaring cyber risks: Large enterprises, supply chains and key industries in the crosshairs
November 2024 by Marc Jacob
Businesses with revenues exceeding $50 million (£40.5m) are 2.5x more likely to face cyber incidents - that’s according to a new Cyber Roundup Report published today by Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs) and middle-market businesses.
Drawing on a vast three-year data set from over 46 million SMEs across the US, UK, and Japan, Cowbell’s new report stands apart from others globally.
As well as spotlighting the frequency of attacks among larger organizations, the report also sheds light on the heightened vulnerability of smaller SMEs due to limited cybersecurity resources, and the escalating threat of supply chain attacks and industry-specific cyber exposure.
Key findings include:
● Supply chain attacks have surged by 431% since 2021, indicating a growing vulnerability in interconnected business ecosystems.
● The manufacturing sector emerges as the most at-risk, with cyber risk scores 11.7% below the global average - a finding driven by the sector’s reliance on automation and the sensitivity of its intellectual property.
● Public administration and educational services also face elevated risks, particularly from ransomware attacks, with a 70% increase in attacks on educational institutions over the past year.
● Five risky technology categories were identified, and include operating systems, content management tools, virtualization technologies, server-side technologies, and business applications.
In addition to the report’s key findings, Cowbell provides businesses with practical recommendations for cyber risk management, emphasizing the role of comprehensive third-party risk management, technology risk prioritization, and the importance of regular employee training and robust Incident Response Plans (IRPs).
