Enterprise electronic mail compromise (BEC) assaults and funds switch fraud (FTF) accounted for 60% of cyber insurance coverage claims in 2024, in accordance with a brand new report from Coalition.
“Enterprise electronic mail compromise is an occasion by which cyber criminals achieve entry to a corporation’s electronic mail account to execute a cyber assault,” the cyber insurance coverage supplier explains.
“Attackers typically leverage electronic mail entry to seek out delicate information, together with login credentials, financials, and different personal data. As soon as outfitted with delicate data, they will steal cash, extract information for extortion, or compromise extra applied sciences.”
Coalition additionally discovered that the severity of BEC assaults elevated by 23%, with the typical loss reaching $35,000.
“BEC claims severity within the US was increased ($36,000) than the worldwide common, whereas each Canada and the UK had been notably decrease ($22,000),” Coalition says. “The spike in BEC severity was, partially, pushed by elevated costs associated to authorized bills, incident response corporations, information mining, notifications, and different mitigation and restoration efforts.”
The report provides that enterprise sectors with decrease safety consciousness had been extra more likely to fall sufferer to cyberattacks.
“Industries that deal with delicate monetary information, private well being data, or mental property are sometimes focused by cyber criminals because of the excessive worth of their information,” the researchers write. “Industries tied to vital infrastructure can also face heightened dangers from state-sponsored assaults and ransomware campaigns that may disrupt important operations. In the meantime, industries with decrease cybersecurity consciousness could also be extra prone to opportunistic assaults, like phishing and credential theft.”
The report notes that organizations ought to “educate staff on risk actor ways, learn to spot and keep away from cyber assaults with phishing simulations, and meet compliance necessities.” New-school safety consciousness coaching may give your group a necessary layer of protection towards social engineering assaults. KnowBe4 empowers your workforce to make smarter safety choices each day. Over 70,000 organizations worldwide belief the KnowBe4 platform to strengthen their safety tradition and cut back human danger.
Coalition has the story.
