A report by Coalition found that more than half (56%) of all 2023 claims were a result of funds transfer fraud (FTF) or business email compromise (BEC), highlighting the importance of email security as a critical aspect of cyber risk management.
Tag: phishing
Companies Fall Short on Curbing Cybersecurity Risks from Vendors: Moody’s
Most companies and organizations in the U.S. and Canada fall short on limiting cybersecurity risks from third-party vendors even as they give cyber managers more clout and boost spending on averting attacks, Moody’s Investors Service said in a report.
Identity Theft Resource Center Sees Record-Setting Number of Data Compromises in Q2
According to the H1 2023 Data Breach Report, there were 951 publicly-reported data compromises in the quarter, a 114 percent increase compared to the previous quarter (445 compromises).
Cybersecurity Top Investment Priority in 2023 for CIOs
Chief information officers have stated that cybersecurity will be their top investment priority in 2023, demonstrating how businesses are racing to manage the business risk posed by escalating threats. Companies are facing an increase in cyberattacks, such as the 2021 Colonial Pipeline ransomware attack, which impacted fuel distribution in the eastern United States. This month,… Continue reading Cybersecurity Top Investment Priority in 2023 for CIOs
Administration Promotes $1 Billion in Grants to Fight Cybercrime
The Biden administration has called on states and local governments to apply for new cybersecurity grants worth $1 billion over four years. The move is part of US efforts to beat back attacks from criminal hackers, who have successfully targeted everything from gas pipelines and meat factories to schools and hospitals. “Cyberattacks have emerged as… Continue reading Administration Promotes $1 Billion in Grants to Fight Cybercrime
APCIA Offers Cybersecurity and Data Security Best Practices for Businesses
With ransomware attacks increasing in both frequency and severity, APCIA and its Cyber Insurance Subcommittee have developed a paper that outlines cybersecurity and data security best practices for businesses. “Prevention is a business’ best defense against a ransomware attack and this paper provides a range of data security hygiene steps that businesses and individuals can… Continue reading APCIA Offers Cybersecurity and Data Security Best Practices for Businesses
Cyber Insurers See Manageable Growing Risk Exposure, Rising Claims
Cyber insurance has been profitable for US property/casualty (P/C) insurers for several years, but recent growing losses tied to network intrusions, phishing incidents and denials of service will likely increase claims volume and average cost per claim going forward, Fitch Ratings says. However, a negative rating action tied to underwriting losses related to a cyber… Continue reading Cyber Insurers See Manageable Growing Risk Exposure, Rising Claims
Cybercriminals Step Up Social Engineering During Pandemic
Cybercriminals have been going to great lengths throughout 2020 to get their hands on confidential information such as log-in details that let them bypass a company’s security systems and commit theft or fraud by manipulating employees using fake or doctored emails. While this form of online social engineering had declined from Q4 2019 to Q1… Continue reading Cybercriminals Step Up Social Engineering During Pandemic
COVID-19-Related Phishing Scams Likely to Dominate Q2
Ransomware attacks continue to blight organizations of all sizes and sectors. The number of incidents involving ransomware reported to Beazley Breach Response (BBR) Services in the first quarter of 2020 increased by 25% compared to Q4 2019. While no industry was immune, manufacturing experienced the steepest increase of all – up 156% quarter on quarter.… Continue reading COVID-19-Related Phishing Scams Likely to Dominate Q2
Hackers Trick Victims Into Big Wire Transfers
In 2018, Frank Krasovec took on a $1 million personal line of credit from PlainsCapital Bank. A few months later, he went on a business trip. When he returned, $450,000 was missing. Mr. Krasovec, the chairman of Dash Brands Ltd., which owns Domino’s Pizza Inc. franchises in China, said he soon learned that someone had… Continue reading Hackers Trick Victims Into Big Wire Transfers