According to Insurance Journal “Ransomware attacks increased by 37% during the third quarter of 2019, compared to Q2, as cyber criminals target both IT vendors and their clients, according to data compiled by insurer Beazley.”

One-quarter (24%) of all ransomware incidents reported to Beazley Breach Response (BBR) Services – Beazley’s in-house breach response team – during Q3 were caused by an attack on an IT vendor or managed service provider (MSP).

Small businesses, which often depend on MSPs to remotely manage their IT infrastructure, reported 63% of all ransomware incidents to BBR Services in the first nine months of 2019, said the report which is based on data collected by BBR globally.