The most prevalent denial of coverage for small business cyber claims involves social engineering claims, which are often not a standard component of the cyber coverage attached to a small business package policy. The most prevalent denial of coverage for small business cyber claims involves social engineering claims, which are often not a standard component of the cyber coverage attached to a small business package policy. (Photo: Song_about_summer/Adobe Stock)

Small businesses continue to be high-value targets for cybercriminals. Reasons for the attraction are varied, but one of the top motives is that many small businesses serve as third-party vendors to larger companies. When they aren’t properly safeguarded against cyberattacks, third parties offer attackers an unfettered path to the attack surfaces of their corporate clients.

TransUnion’s research shows that of the 3,495 compromised companies in 2022, 1,745 originated from a third-party vendor data breach. That is an increase of nearly 220% compared

 

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