Last week Threatscape’s Managing Director, Dermot Williams, spoke to TechCentral.ie about the rise in business email compromise (BEC). A recent report released from insurance giant, AIG showed that BEC has now overtake ransomeware as the biggest driver of cyber-insurance claims in the EMEA region.
Business email compromise attacks are mainly the result of a phishing email that contains malicious links or attachments. The danger occurs when employees engage with either, providing the attacker with direct access to that user’s inbox. From there they can send and receive emails using that address, and potentially manipulate colleagues into disclosing valuable sensitive data.
“An email claiming to come from a superior, instructing you to make a funds transfer, is designed to manipulate you into acting against the interests of the business, and is sent by the attacker in the hope that the business does not have procedures to prevent such an email being acted on.”
– DERMOT WILLIAMS
You can read the full article here.