MOVEit hack: what it means for insurers

The frequency and intensity of cyber-attacks have escalated to unprecedented levels recently. But the recent hack on MOVEit, a widely used software for secure file transfers, has caused significant alarm among affected organisations, regulatory authorities, and insurance providers. Andrew Correll, director, insurance solutions, SecurityScorecard, in an exclusive interview with Intelligent Insurer, explored the potential implications this incident could pose for the insurance industry.

The large-scale cyberattack, believed to be the work of a Russian ransomware group, has hit several major organisations including The BBC, British Airways, Ofcom, Aer Lingus, and Boots, exposing sensitive corporate and personal information of both the businesses and individuals.

“We have identified that so far over 2,500 servers have been exposed and potentially vulnerable across almost 800 organisations. And that number could grow,” said Correll. “This is an attack on a product, so it is a perfect example, another example, of a supply chain attack or systemic risk that has implications far downstream.”