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billion in BEC scam-related losses the year before. “BEC/EAC is a sophisticated scam targeting both businesses and individuals performing a transfer of funds,” explained the report. ” The report warned that the methods used by hackers to perpetrate BEC scams were becoming more complicated and difficult to detect.
Cyberinsurance becomes mainstream discussion. As cyberattacks have become more costly and more challenging to track, cyberinsurance has gained prominence across the industry. The cyberinsurance market is expected to reach around $20B by 2025. Cyber Resilience planning puts focus on recovery readiness.
First, however, let's look at the top 15 cyber threats organizations face right now, according to the report: Malware. DataBreach. Cyber Espionage. So that is the top 15 list of cyber threats according to the European Union. Web-based Attacks. Web Application Attacks. Distributed Denial of Service (DDoS).
Apple created post-quantum cryptographic protocol PQ3 for iMessage Russian hacker is set to face trial for the hack of a local power grid Microsoft released red teaming tool PyRIT for Generative AI CISA orders federal agencies to fix ConnectWise ScreenConnect bug in a week FTC charged Avast with selling users’ browsing data to advertising companies (..)
2022 clearly demonstrated that attacks on data represent the greatest cyber-threat organizations face. Notable databreaches took place at Microsoft, News Corp., Hence the coming year will inevitably see more data attacks with greater sophistication resulting in ever higher monetary and business losses.
The Business Email Compromise (BEC) scam is one of the simplest and most damaging attacks businesses can face with losses ranging from hundreds to millions of dollars. According to the Federal Bureau of Investigation (FBI), losses due to BEC scams since 2013 total around $28 billion dollars and it is the most profitable cybercrime there is.
Initial Access Broker (IAB) activity increased by 16% during the reporting period, heavily targeting US-based organizations due to perceived financial capability from cyberinsurance. High-privileged accounts enhance attackers’ ability to access unauthorized data, potentially causing databreaches and operational disruptions.
Target the human, swipe the cash: Verizon DBIR 2023 highlights crime trends Manage the human risk and mind your money: those are two key takeaways from Verizon’s 2023 DataBreach Investigations Report. The report contains analysis from 16,312 security incidents, of which 5,199 were confirmed breaches.
Like all insurance, though, there is good and bad. You could argue cybersecurity insurance is useful because it makes people think of business risk, not just IT problems. Ultimate responsibility for databreaches rests with the board and the CEO. Yet these are two of the most common forms of security breach.
Initial Access Broker (IAB) activity increased by 16% during the reporting period, heavily targeting US-based organizations due to perceived financial capability from cyberinsurance. High-privileged accounts enhance attackers’ ability to access unauthorized data, potentially causing databreaches and operational disruptions.
Cunningham John Paul Cunningham , CISO, Silverfort Identity-based attacks in 2024, like those on Microsoft and Snowflake, are prompting insurers to intensify scrutiny in 2025. Amlani Ajay Amlani , President & Head of the Americas, iProov Remember KnowBe4’s 2024 deepfake hiring scam?
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