PYMNTS

SEPTEMBER 21, 2019

As lawmakers ponder this risk, PYMNTS highlights some of the newest data points uncovered by researchers examining small business cybersecurity. Information on phishing email or BEC scam campaigns, for instance, can be shared to help small businesses protect themselves before an attack occurs.

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Data Breach Breach Small Business Business Email Compromise 80

PYMNTS

DECEMBER 7, 2020

Business email compromise (BEC) scams continue to ravage company coffers. Just last week, IBM cybersecurity experts uncovered a widespread BEC attack targeting players in the coronavirus vaccine supply chain. Indeed, the last week has seen the emergence of even more examples coming to light.

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Business Email Compromise Scams Email Compromise Crime 91

PYMNTS

NOVEMBER 18, 2019

Cybersecurity experts are warning that the next year, and beyond, will continue to present an elevated threat level to businesses at risk of payments fraud — and governments are taking steps to react accordingly. cybersecurity technology companies are taking measures to raise awareness and combat corporate payment fraud risks.

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Business Email Compromise Scams Email Compromise Compromise 51

PYMNTS

JUNE 26, 2018

Cybersecurity is no longer an afterthought for today’s enterprise. Spend is still going up, too, as KPMG ‘s report found a 23 percent increase in the number of professionals prioritizing cybersecurity investments this year compared to last. The tactic relies on employee ignorance, not on system weaknesses, to find success.

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Cybersecurity Data Breach Breach Email Compromise 43

PYMNTS

DECEMBER 30, 2016

Still, researchers have found, many businesses do just that: RedSeal released a report this month that described the state of corporates’ approach to enterprise security as one of “cyber naïveté,” with many executives believing that their existing strategies are sufficient to ward off a cyberattack.

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Checks Email Compromise Security Compromise 58

PYMNTS

FEBRUARY 24, 2020

In a new report from ProofPoint , researchers warned that any businesses with the word “tax” in its domain is at risk of being spoofed by phishing attackers targeting small to medium-sized businesses (SMBs). According to the latest research from Bottomline Technologies, businesses said the fraud threat is on the rise.

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Business Email Compromise Scams Email Compromise Phishing 65

PYMNTS

OCTOBER 15, 2018

AG Frosh’s warning pertained to a specific small-business cybersecurity threat. It’s a twist on the business email compromise (BEC) scam that typically involves scammers emailing business owners and seeking payment via wire transfer, ACH or paper check. “This is a scam, pure and simple. .”

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Ransomware Online and Mobile Banking Small Business Scams 77

PYMNTS

MAY 2, 2019

Organizations are ramping up cybersecurity investments in response to the ever-climbing threat of data breaches and cyberattacks. A recent research report released by eSentire found that indeed, vendors present a significant cyber risk to organizations. million business email compromise scam.

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Data Breach Third Party Vendors Breach Cybersecurity 55

PYMNTS

APRIL 30, 2018

” In a survey of treasurers, cash management professionals, CFOs and other professionals in the treasury department, researchers found that nearly two-thirds of respondents (61 percent) feel they are in a better position this year to combat fraud within their organizations compared to last year. .”

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Email Compromise Ransomware Treasury Wire 59

PYMNTS

APRIL 4, 2019

The latest research in small business cybersecurity has revealed the relentless nature of the threat, with new strategies emerging and new strains of ransomware rearing their ugly heads. ” Beazley researchers found that the mean for ransomware attack demands was $10,310, though one incident saw a demand for $8.5

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Ransomware Phishing Direct Deposit Business Email Compromise 63

PYMNTS

AUGUST 10, 2018

The research , conducted by Deloitte, found that 80 percent of small businesses aren’t taking advantage of digital solutions like data analytics. “One is the online reputation, and the other is cybersecurity.” It was a 2017 report commissioned by Google that caught Womply President Cory Capoccia’s attention.

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Cybersecurity Small Business Phishing Email Compromise 40

PYMNTS

DECEMBER 8, 2020

As NETSCOUT Area Vice President of Engineering, Threat and Mitigation Products Hardik Modi told PYMNTS, cybersecurity is now top of mind for many of these firms. According to cybersecurity experts, email scams rise during the holidays, with business email compromise (BEC) an especially concerning scam.

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FBI Business Email Compromise Scams Mitigation 71

PYMNTS

NOVEMBER 7, 2017

The Business Email Compromise (BEC) scam is jeopardizing millions of dollars for businesses of all sizes and industries. As instances of the BEC scam continue to rise, a new challenge for companies could be on the horizon, too, as questions mount over whether such cyberattacks are covered by cybersecurity insurance.

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Scams Email Compromise Rules Business Email Compromise 40

PYMNTS

SEPTEMBER 13, 2018

Issues like phishing and the Business Email Compromise (BEC) are top concerns, yet ransomware cannot be ignored as a destructive force. Researchers noted that it’s not surprising that some businesses are so willing to pay the ransom. Cybersecurity experts have urged victims not to pay ransomware attackers for years.

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Ransomware MSPS Disaster Recovery Cybersecurity 58

PYMNTS

MAY 1, 2017

Department of Justice (DoJ) announced plans to charge a man allegedly responsible for an $100 million business email compromise scam. The DoJ alleges that the man, Evaldas Rimašauskas, used a business email compromise (BEC) scam to trick Facebook and Google into paying fake invoices, impersonating manufacturer Quanta Computer.

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Scams Business Email Compromise Email Compromise Identity Theft 47

PYMNTS

DECEMBER 18, 2017

judge has sentenced a Nigerian man to three years and five months in prison for his role in a business email compromise scam. Reports said Adindu was arrested in 2016 and allegedly carried out business email compromise scams between 2014 and 2016.

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Scams Email Compromise Compromise Wire Transfer 41

PYMNTS

NOVEMBER 7, 2017

With the cybersecurity threat constantly looming and, in many instances, growing for corporations, a new report from Kaspersky Lab suggests businesses shouldn’t necessarily rely on their IT departments to safeguard their firms. According to researchers, targeted attacks are one of the fastest-growing tactics used by cybercriminals this year.

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Addressing Security Cybersecurity Email Compromise 43

PYMNTS

APRIL 26, 2018

More than a tenth of small firms told researchers they had suffered a cyberattack; more than 8 percent of that group said they had to reduce staff levels to cover the cost of cybercrime. With the new research, Barclays is launching an initiative in the U.K. On average, the cost of fraud on a small business hit $48,700.

Cybersecurity 40

Cybersecurity Email Compromise Small Business Account Takeovers 40

PYMNTS

SEPTEMBER 14, 2017

Employees certainly need more training to be able to detect a business email compromise (BEC) when they see one. Here’s the problem: The professional who falls victim to eInvoice scams like the business email compromise is, more often than not, a C-Suite executive. Additional Attacks Putting the Enterprise at Risk.

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Scams Email Compromise Business Email Compromise Compromise 41

PYMNTS

APRIL 9, 2018

The incident, and similar breaches, reveal the limitations of cybersecurity, even as corporates worldwide continue to increase their investments in the latest-and-greatest security technologies. last December pegged global spending on cybersecurity by corporates will hit $96.3 Estimates from Gartner, Inc.

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Data Breach Breach Cybersecurity Phishing 49

PYMNTS

AUGUST 8, 2018

Warnings from the Federal Bureau of Investigation have enterprises worried about cybersecurity — specifically, concerns about ransomware attacks. Business Email Compromise scams continue to grow and steal more corporate money than ever before. Compare that to ransomware, which made up just 11 percent.

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Ransomware Phishing Email Compromise Online and Mobile Banking 44

PYMNTS

DECEMBER 4, 2018

The Financial Times , citing cyber threat detection company Agari, reported the group, which goes by the name London Blue, is focusing on the business email compromise scam. It is pure social engineering,” Crane Hassold, senior director of threat research at Agari, told the Financial Times. or the U.S.

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Law Enforcement Email Compromise FBI Scams 46

PYMNTS

AUGUST 24, 2020

The business email compromise (BEC) scam continues to rear its ugly head at the enterprise, with the global pandemic creating even more avenues through which cyber attackers can steal company money. At the heart of BEC and other scams is impersonation. IT teams are already growing more concerned about this risk.

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Deepfake Business Email Compromise Scams Multifactor Authentication 61

PYMNTS

MARCH 28, 2018

Researchers estimate U.S. The saga, along with mounting concerns over “ fake news ,” are, in many ways, pushing corporate cybersecurity in a new direction, says Kevin Lee, the trust and safety architect at cybersecurity firm Sift Science. eCommerce companies lost $6.7 Chargebacks affect the bottom line.

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Security Data Breach Account Takeovers Breach 44

PYMNTS

FEBRUARY 11, 2020

More recently, today email cybersecurity firm Vade Secure announced the release of its own research on the most common mechanism through which cyberattackers commit their ransomware scams: phishing attacks. ” This trend was reflected in a recent cybersecurity incident with WhatsApp. .

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Phishing PayPal Ransomware Cybersecurity 58

PYMNTS

OCTOBER 3, 2017

isn’t the only place where business email scams are threatening the enterprise. New research from RSM, which provides consulting services to middle-market firms, finds that U.K. 2), which highlighted RSM’s research, U.K. Earlier this year, TD Bank warned that this scam, known as the business email compromise in the U.S.,

Email Compromise 41

Email Compromise Scams NACHA Compromise 41

PYMNTS

MAY 12, 2017

businesses lose an estimated $50 billion each year due to identity fraud incidents. …………… Here are other top cybersecurity stories that made headlines this past week: One Million Gmail Users Affected By Google Docs Phishing Scam. percent of total users) were affected by an email phishing scam.

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Business Email Compromise ATM Phishing FBI 51

PYMNTS

MARCH 21, 2019

As researchers at Agari reported, business email compromise (BEC) attacks have been going mobile. As reported in Credit Union Times , the attacks are still done through email, but also look for mobile number details to “better coerce” intended victims to funnel funds to bad actors’ accounts. phone number.

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Business Email Compromise Scams Email Compromise Compromise 45

PYMNTS

JUNE 14, 2018

Research from Auriemma Consulting Group estimates that identity theft has cost banks at least $6 billion, and cost consumers $58.9 A new report from The National Cybersecurity Society (NCSS) published this week warns that business identity theft is an emerging threat for entrepreneurs and executives. million, in 2016 alone.

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Identity Theft Wire Transfer Crime Email Compromise 43

PYMNTS

JANUARY 23, 2017

New research from the realms of supply chain management, financial services and SMEs uncovers how businesses today are approaching risk mitigation and which threats are instilling the most fear. Increased global competition is also a top concern for these professionals, the research found, with 42 percent citing this specific threat.

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Risk AFP Identity Theft Email Compromise 43

PYMNTS

MAY 2, 2017

Department of Justice (DoJ) announced plans to charge a man allegedly responsible for a $100 million business email compromise scam. The DoJ alleges that the man, Evaldas Rimašauskas, used a business email compromise (BEC) scam to trick Facebook and Google into paying fake invoices, impersonating manufacturer Quanta Computer.

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Business Email Compromise Email Compromise Scams Phishing 43

PYMNTS

MAY 3, 2016

According to the cybersecurity firm FireEye, which is probing the bank heist, there has been “activity in other financial services organizations that is likely by the same threat actor behind the cyberattack on Bangladesh Bank.”. But NICE Actimize’s research uncovers doubts in how FIs can facilitate Same Day ACH securely.

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Same Day ACH ACH NACHA Faster Payments 43

PYMNTS

JANUARY 30, 2017

Researchers found that businesses saw 45.2 Hacking, skimming and phishing attacks are once again the most common type of data breach attack, making it the eighth year in a row for this type of data breach, researchers said. percent of the total 1,093 data breaches hitting U.S. While the ITRC and CyberScout’s report found that only 6.6

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Data Security Governance Government Data Breach 54

CB Insights

JULY 23, 2020

To stay ahead of the curve, companies will need to consider key investments across wellness, remote collaboration tools, mobile cybersecurity tech, accessible HR tools, and workforce training programs for professional development and upskilling. Beyond the office: cybersecurity and at-home network security. TABLE OF CONTENTS.

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Posting Cybersecurity Returns Online and Mobile Banking 101

PYMNTS

JUNE 21, 2019

The cyberattack on the city was launched when a member of its police department clicked on an email attachment with an infected link. That’s according to research from Bottomline Technologies , which found that, per data spanning hundreds of firms, 45 percent of businesses have been hit by fraud within the last 12 months.

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Governance Government Scams Ransomware 43

PYMNTS

DECEMBER 7, 2018

The scope of the scam comes courtesy of cyber threat detection firm Agari, which has said the group, London Blue, seeks to ply its trade through the business email compromise (BEC) effort. The emails try to get the victims to send money to accounts – and the money, of course, is likely to disappear forever. “It

Scams 68

Scams Credit Cards Email Compromise Business Email Compromise 68

PYMNTS

DECEMBER 14, 2020

The FBI is currently investigating the attacks, and the federal Cybersecurity and Infrastructure Security Agency (CISA) issued a warning Sunday about an “active exploitation” that involved SolarWinds ’ Orion Platform software. That software was released earlier this year, between March and June. “We Two Major Attacks In One Week.

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Governance Government Security Cybersecurity 85