Over US $43 billion has been lost through Business Email Compromise attacks since 2016, according to data released this week by the FBI. The FBI’s Internet Crime Complaint Center (IC3) issued a public service announcement on May 4 2022, sharing updated statistics on Business Email Compromise (BEC) attacks which use a variety of social engineering and phishing techniques to break into accounts and trick companies into transferring large amounts of money into the hands of criminals.
Business email compromise (BEC) occurs when cybercriminals scam organizations by compromising sensitive data through email accounts for financial gain. FBI research shows that BEC is currently the most costly digital crime, far surpassing ransomware to account for US$49.2 million in victim losses in 2021. BEC is also known as email account compromise (EAC) or 'man-in-the-email' scamming.
The Center for Internet Security (CIS) publishes Critical Security Controls that help organization improve cybersecurity. CIS Control 9 covers protections for email and web browsers.
A new cloud phishing campaign is abusing Microsoft Azure’s Static Web Apps service to steal credentials from multiple services including Microsoft 365, Outlook, and Yahoo Mail.
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In this world, nothing is certain except death and taxes. The latter of which malicious actors capitalize on seasonally with phishing attacks. From consumers to corporate finance and human resources (HR) departments, these social engineering attacks have become so pervasive that the IRS issued an annual advisory as a warning to businesses and consumers.
The dangers of email security are often understated. One successful email attack can lead to malware injection, system compromise, impersonation, espionage, ransomware and more. After all, phishing remains the top attack vector used by hackers. The FBI reported phishing scams were extremely prominent, with 323,972 complaints being made in the U.S. in 2021, compared to 241,342 the previous year. Adjusted losses resulting from these attacks is more than $44 million, a $10 million decrease from 2020.
