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With the business emailcompromise (BEC) phishing attack a continuously growing threat for businesses large and small, organizations are exploring how strategic cybersecurity investments can protect them when bad actors attempt to steal company cash or redirect business payments. Filtering The Inbox.
Attack vectors across the banking, financial services and insurance industry operations, Source: Digital Threat Report 2024, CERT-In, CSIRT-Fin and SISA Phishing attacks surge In H1 2024, cybersecurity firm Kaspersky recorded more than 135,000 phishing attacks targeting Indias financial sector.
Business EmailCompromise (BEC) is a cyber threat that exploits the vulnerabilities of email communication. Perpetrators impersonate trusted entities, such as executives or vendors, employing social engineering techniques to coerce employees into compromising actions. What is Business EmailCompromise (BEC)?
Small and mid-sized businesses (SMBs) are suffering from a continuing onslaught of cyberattacks as threat actors adopt more efficient targeting and AI-driven attacks, according to a new report from cybersecurity firm SonicWall. From ransomware surges to the rapid rise in IoT and encrypted threats, businesses are increasingly at risk.
With over 5,000 cybersecurity vendors in the U.S. But that problem could be a thing of the past thanks to the launch of the world’s first B2B cybersecurity marketplace that enables buyers to easily search, compare pricing and purchase the right IT solution in one place. Compliance Is Key. COVID-Era Changes.
Securities and Exchange Commission (SEC) has issued a stern warning to public companies: tighten cybersecurity controls or risk being in violation of federal law. The regulator issued a report based on the SEC Enforcement Division’s investigations of nine public companies that lost millions of dollars as the result of cyber fraud.
The cybersecurity world is witnessing a potentially new, dangerous threat: according to insurance firm Euler Hermes, one of its corporates fell victim to cyber fraud after attackers used sophisticated artificial intelligence (AI) technology to impersonate the firm’s chief executive officer by mimicking his voice on the phone.
The pandemic has sparked a digital shift of positive changes likely remain in place after the pandemic subsides, but it’s also spawned at least one unwanted thing: a range of new email attacks and scams. Leigh Reichel , new chief financial officer of cybersecurity firm INKY Technology Corp. Business EmailCompromise.
Security experts are practically begging corporates to get serious with cybersecurity. Google is a vocal player in the fight for enterprise cybersecurity. Spam, Google wrote in a Security Blog post , is certainly the most common cyberattack to hit an email inbox.
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.
Cybersecurity experts are urging small business (SMB) owners to not ignore the risks they face from cyberattacks. ” In addition to Mastercard, the Global Cyber Alliance is working with a range of other businesses to create the toolkit, including the Cyber Readiness Institute and the Center for Internet Security (CIS). .”
As for the areas where scammers managed the biggest hits, business emailcompromise (BEC), confidence/romance fraud and spoofing were the top three types of crime in terms of monetary losses. billion (or slightly over half) of all losses tracked in 2019. Instead, it targets a much weaker link: the employee who is using it.
Ten percent of business email domains are protected from spoofing , according to recent Security Boulevard reports. The case coincided with another cybersecurity incident at a Colorado water supplier, in which fraudsters infiltrated the utility platform of Aurora Water to steal customer information.
In this week’s Data Digest, PYMNTS rounds up the latest cases and research into how corporates are being targeted with crimes like the business emailcompromise (BEC) scam, as well as how they’re fighting back. The year-over-year cybersecurity budget increase amounts to an average spend of $2,691 per employee.
40 legitimate email accounts of company executives have been compromised in a phishing campaign targeting businesses , according to Gov Info Security reports. The scam involves sending a phishing email claiming to be a Microsoft Office 365 update.
The Business EmailCompromise is now a top concern for the enterprise and security providers alike, especially since regulators have released warnings against the crime. One startup wants to safeguard corporate email and has just received new venture capital to move forward with its efforts.
KPMG is rolling out a new payments security solution targeting B2B payments fraud, the company said Thursday (Nov. A press release said KPMG is collaborating with cybersecurity provider nsKnox to roll out its KPMG Secure Payments tool, distributed and serviced by KPMG Israel.
It’s National Cyber Security Awareness Month, and industry leaders are zeroing in on some of the most vulnerable targets of cyber scams: small businesses. Paying closer attention to suspicious emails. Department of Homeland Security. Stronger passwords. Using public wi-fi with caution and safeguarding mobile apps.
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.
The business emailcompromise (BEC) scam is a cybersecurity threat to businesses of all sizes, and the financial and security implications of a successful attack aren’t isolated to its target. Meanwhile, the Better Business Bureau said 80 percent of businesses received at least one kind of BEC scam email in 2018.
Business emailcompromise (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. The nearly $1 million bill was paid before it was found to be a fraudulent bill sent via a spoofed email address.
9) that Toyota Boshoku Corporation, one of Toyota’s car parts suppliers, lost more than $37 million to a Business EmailCompromise scam, in which a cybercriminal directed a professional within the company to pay a fraudulent vendor invoice. “A Cybersecurity company Agari recently released data that estimates $13.5
For some, like small suppliers, a compromise of sensitive data and credentials can lead to a few hundred or thousand dollars fraudulently obtained from a business client, often via the Business EmailCompromise scam. Earlier this month, FICO revealed plans to roll out a new kind of score: the Enterprise Security Score.
Since 2004, October has been observed as National Cyber Security Awareness Month by the Department of Homeland Security (DHS). Cybersecurity, of course, is top of mind for many businesses and individuals year round, but the events leading up to this year’s DHS campaign were more extraordinary than usual.
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. One reason is because of a talent shortage of IT security experts.
While most agreed that the threat of fraud has increased, Strategic Treasurer found that treasurers and their teams are increasing investment in cybersecurity and anti-fraud measures, including security controls, cyber fraud insurance, transaction controls and cybersecurity technologies. “There is a lot more to be done.”
A lull in venture capital funding has only a few B2B FinTechs this week securing new investment rounds. In the meantime, PYMNTS gathered up a shortlist of the B2B FinTechs that were able to secure new funding as backers prepare for their next wave of support. and hoping to expand into Europe. At the same time, the U.S. Mailprotector.
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. CompromiseSecurity For Customer Experience. Sometimes that comes as a tradeoff with security.”.
Mitiga is working with law enforcement after uncovering a widespread business emailcompromise (BEC) scam that has netted more than $15 million. The scams are also going for bigger dollar amounts overall, according to data from Abnormal Security, and the number of businesses reporting the fraud increased 36 percent.
Organizations are ramping up cybersecurity investments in response to the ever-climbing threat of data breaches and cyberattacks. But all the money in the world to secure an organization’s back office won’t necessarily help safeguard all company data. million business emailcompromise scam.
Users should also be on the lookout for typos and grammatical errors in any emails, and be sure not to share sensitive details like payment card information or Social Security numbers. The Advocate also noted that a way to avoid falling victim to the scam is to verify the URL. That’s an instant foot in the door.”.
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. However, in addition to new computers, they have created new email domains, suggesting they will not give in to the attackers’ demands.
Not only are small and medium-sized businesses (SMBs) a prime target, but such an attack can be detrimental to a small company without the resources to combat a security threat. Issues like phishing and the Business EmailCompromise (BEC) are top concerns, yet ransomware cannot be ignored as a destructive force. “No
In a podcast interview with PYMNTS, Andy Renshaw , vice president of product at Feedzai , said that an integrated approach to anti-money laundering efforts, fraud prevention and cybersecurity can stymie the bad guys’ best efforts — and even improve financial institutions’ (FIs’) reputations in the process. . .
The majority of businesses are at risk for an array of cybersecurity incidents, including the business emailcompromise (BEC) scam, which often sees fraudsters spoofing legitimate email addresses from vendors, and sending seemingly real requests for payment. .
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. This security focus will be even more acute amid the holiday season.
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.
As B2B fraud threats like the business emailcompromise (BEC) scam or internal employee theft continue to grow for businesses large and small, experts are urging business owners and executives to take the lead in combatting fraudsters.
AG Frosh’s warning pertained to a specific small-business cybersecurity threat. It’s a twist on the business emailcompromise (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.
This week’s news of a security flaw in the Android versions of WhatsApp and Telegram, first revealed by Symantec, marked the latest cybersecurity warning for users of high-profile technologies. However, revelations of the security flaw shed light on the evolving face of invoice fraud.
The fallout continues to grow, with reports noting its slew of nonprofit and corporate customers have now been exposed to security threats as a result of data stolen in the Blackbaud breach. Cybersecurity experts at Breach Clarity now peg the number of clients impacted at 136. Blackbaud's data breach isn't unique, per se.
Employees certainly need more training to be able to detect a business emailcompromise (BEC) when they see one. Here’s the problem: The professional who falls victim to eInvoice scams like the business emailcompromise is, more often than not, a C-Suite executive. Additional Attacks Putting the Enterprise at Risk.
2,100 corporates were targeted in a widespread business emailcompromise (BEC) scam recently uncovered by cybersecurity company Agari , the firm revealed last week. More than half of surveyed treasurers also said they had been hit by attempted cyber fraud in the last 12 months.
Warnings from the Federal Bureau of Investigation have enterprises worried about cybersecurity — specifically, concerns about ransomware attacks. Business EmailCompromise 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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