French film production and distribution company Pathe fired the two senior managers overseeing its Dutch operations after they fell victim to a business email compromise scam and approved $21 million in transfers to fraudsters. Many organizations remain at high risk from such scams.
Want to better block business email compromise - CEO fraud - attacks outright, as well as be able to spot and respond more quickly to any BEC attacks that get through? Incident responder David Stubley details essential defenses all businesses should put in place now.
What can organizations do to thwart business email compromise attacks? In an interview, David Stubley, CEO of the consultancy 7 Elements, outlines several key steps. He'll be a featured speaker at Information Security Media Group's Security Summit: London, to be held Sept. 23.
Barriers to getting into the business email compromise - aka CEO fraud - game continue to fall, with security vendor Digital Shadows finding that compromised email accounts for a company's finance department can typically be purchased via the black market for just $150 to $500.
Business email compromises have been at the center of a number of procurement fraud scams, says Allan Stojanovic, a security architect and analyst at the University of Toronto, who describes the fraud and why it's so difficult to thwart.
Criminals operating online continue to target cryptocurrencies, leverage phishing and other social engineering attacks, as well as tweak age-old scams - including Nigerian prince emails - for the modern age. So warns Europol in its latest Internet Organized Crime Threat Assessment.
Business email compromise attacks continue to be lucrative for the criminally inclined. With the FBI reporting that reports of such attacks have recently doubled, researchers find that tricking victims into making fraudulent wire transfers remains attackers' top goal.
A large Midwestern health network says a successful phishing campaign exposed a raft of personal and medical data stored in its email systems. The count of affected victims numbers 1.4 million, although investigators believe stealing personal data was not the attackers' goal.
Medical laboratory testing firm LabCorp is investigating a weekend cyberattack on its IT network, which resulted in the company taking certain processes offline. The attack is just the latest cyber assault on the healthcare sector.
Known losses due to business email compromise have exceeded $12.5 billion worldwide, the FBI's Internet Complaint Center reports, adding that fraudsters are increasingly targeting the U.S. real estate sector with such scams.
Late last year in Australia, cybercriminals began targeting a fertile yet relatively poorly protected business sector for so-called business email compromise scams: the real estate industry. One expert says the industry, highly dependent on email, is ill-prepared for the attacks.
If you browsed the latest security headlines, you'd probably think the majority of data breaches were related to hackers, political activists, malware or phishing. While the latter two hint at it, the truth is that nearly half of all data breaches can be traced back to insiders in some capacity.
Life after WannaCry: Already, other cybercrime gangs appear to be jumping on the SMB-targeting bandwagon, including the operators behind Uiwix ransomware. Thankfully, security experts say, these attacks pose scant risk.