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Meanwhile, ransomware continues to rise, increasing eight per cent in North America and surging 259 per cent in Latin America. Nearly one third of all reported cyber events were business emailcompromise attacks – seeing a significant rise from only nine per cent in 2023.
This week's B2B Data Digest looks at the rising threat of the business emailcompromise (BEC) scam and invoice fraud on companies of all sizes in the U.S., A 60 percent increase in ransomware payments signals continued B2B payment attacks, according to the latest data from Coveware. Canada and the world over.
The risk of fraud continues to climb for organizations of all sizes as the latest data reveals third-quarter spikes in business emailcompromise and ransomware scams. 233,817 is the average ransomware payment an organization pays to regain control of its systems, according to new data from Coveware.
The Business EmailCompromise (BEC) continues to evolve. The publication, citing Agari research, warned that the tactic makes BEC scammers’ messages all the more convincing. BEC is not the only cyberattack causing corporate losses, however, as ransomware threats continue to ramp up as well.
Researchers said the findings underscore the acknowledgment that fraudsters are stratifying their methods to optimize returns by automating and scaling attacks. Automated attacks such as ransomware, business emailcompromise, and system-level takeover fraud, outpaced high-touch attack methods such as check fraud, the survey said.
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. Researchers advised small business owners to not download any email attachments from an unnamed address.
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. As a result, 71 percent of ransomware attacks are now targeting small businesses, according to a report released by Beazley Breach Response (BBR).
949 gigabytes of confidential data have been accessed by ransomware attackers targeting IT distributor Ma Labs , reports in CRN said, an attack that has stalled the company's operations and left its customers in limbo. million per targeted attack.
Issues like phishing and the Business EmailCompromise (BEC) are top concerns, yet ransomware cannot be ignored as a destructive force. Of MSPs surveyed, about 75 percent said their SMB customers experienced “business-threatening” downtime as a result of a ransomware attack, said Datto’s chief technology officer, Robert Gibbons.
Fraud was all over the headlines this past week, with top stories related to Travelex’s ransomware payment , Luckin Coffee’s internal accounting fraud investigation, and new research anticipating an ongoing surge in payments fraud.
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.
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.
With a threefold increase in the number of corporates who had been hit by a ransomware attack in the last year compared to a year prior, corporate treasurers have been forced to swallow the large, uncomfortable pill of the threat of cyberattacks and fraud on their organizations in a short amount of time. “There is a lot more to be done.”
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.
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.
Citing 2018 data from Verizon, Mastercard noted research that suggested the majority of cyberattacks are actually targeted at SMBs, ranging from phishing scams and the Business EmailCompromise (BEC) to malware and ransomware attacks. While researchers at Tanium found last year that one-third of U.K.
Last year saw record levels of venture capital pumped into cybersecurity startups, and researchers at Gartner expect companies to increase cybersecurity spend by 9 percent between 2018 and 2019, reaching $124 billion. A recent research report released by eSentire found that indeed, vendors present a significant cyber risk to organizations.
New data was released this week with an urgent, albeit not necessarily unexpected, message: ransomware and other phishing attacks continue to dramatically spike, with more frequent and more expensive attacks hitting businesses and government entities of all sizes. The New York Times reported Sunday (Feb.
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
Examine the latest research to grasp just how cumbersome modern cash management can be. $3 Cybercrime involving email scams are on the rise, as businesses and their AP officials receive these fraudulent emails that seemingly request legitimate money transfers by posing as a corporate executive or a supplier requesting payment.
In Florida, The New York Times reported on Thursday (June 20), government officials of Riviera Beach voted to pay nearly $600,000 worth of ransom to hackers, just weeks after Baltimore paid $18 million for a similarly crippling ransomware cyberattack against government systems. In The UK, Too.
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