Third-Party Risk Top Cybersecurity Claims

In 2024, cyber-insurance data shows a marked increase in losses stemming from third-party and vendor compromises — accounting for 31% of cyber claims and a growing share of material losses — with vendor-targeted ransomware and high-profile breaches (Change Healthcare, CDK Global, PowerSchool) causing major operational and data impacts across healthcare, transportation, manufacturing, and education; insurers warn attackers are increasingly targeting suppliers to amplify ransom pressure while phishing remains a common initial vector.