The U.S. Federal Bureau of Investigation (FBI) issued a Private Industry Notification alert, noting that cybercriminals are increasingly implementing auto-forwarding rules on victims' web-based email clients to conceal their activities. According to the FBI, cybercriminals then capitalize on this reduced visibility to increase the likelihood of a successful business email compromise (BEC).
In this ongoing virtual environment, organizations remain highly vulnerable to the significant cybersecurity risks exposed by widespread remote work - business email compromise (BEC), in particular. How did business email compromise become such a serious threat for organizations, and why should cyber insurance be top of mind right now, as a result? Let’s dive in.
Data from 25,000 small-to-midsize organizations reveals ransomware as the top cyber insurance incident in the first half of the year, with the average ransomware demand increasing 100% from 2019 through Q1 2020
October 13, 2020
Coalition announced the results of its H1 2020 Cyber Insurance Claims Report. The report explores top cybersecurity trends and threats facing organizations today, in addition to data showing the impact of COVID-19 on cyber insurance claims. The report garners insights from the incidents reported across 25,000 small and midsize organizations.
In 2019, Business Email Compromise (BEC) attacks – a long-standing cybersecurity threat – accounted for $1.7 billion in losses, with cybercriminals using new tactics and techniques to carry out existing attacks. As cybercrime spikes in the wake of COVID-19, BEC’s toll is expected to rise this year. The Federal Bureau of Investigation (FBI) recently issued a warning to businesses on the growing threat of BEC attacks using the pandemic as a backdrop for unusual requests like payments to a “new” vendor or a change of account information.
To prevent damage from phishing attacks, organizations need to take a few simple but important steps to improve their email security posture. Follow these six strategies, and your email infrastructure will be far safer from phishing and business email compromise (BEC).
Fraudsters will take advantage of any opportunity to steal your money, personal information, or both. Right now, they are using the uncertainty surrounding the COVID-19 pandemic to further their efforts, warns the FBI.