Cybercrime of all stripes cost victims globally more than $16 billion dollars last year, the Federal Bureau of Investigation said in a report released on Wednesday. The losses—a one-third increase over 2023—were largely driven by low tech scams, such as …
The Department of Justice recently recovered approximately $5.3 million for a union hit by a business email compromise (BEC) scheme. The judgment was the result of a civil forfeiture complaint filed by the United States in June 2024 seeking the …
A new report asserts the impact of business email compromise incidents on U.S. companies is likely underestimated and misunderstood—and it shows that multifactor authentication and cybersecurity awareness programs may be the top two risk management controls to prevent BEC attacks. …
Business email compromise is now the top method of cyberattack, according to a survey from cybersecurity firm Arctic Wolf. Of the 1,000 surveyed senior IT and cybersecurity decisionmakers from organizations in more than 15 countries, 70% said they were targets …
Outdated technology, poor software maintenance, and the dreaded clicking of a malicious link were most to blame for cyber insurance claims experienced by policyholders in 2022, according to a new report from Coalition. “Threat actors are forever looking for targets …
A Framingham, Massachusetts man was sentenced this week for his role in a business email compromise (BEC) scheme. Gustaf Njei was sentenced by U.S. District Court Chief Judge F. Dennis Saylor IV to 27 months in prison and two years …
According to new data from Corvus Insurance, fraudulent funds transfer (FFT) continues to generate substantial losses for organizations. FFT comprised 36% of of the company’s cyber claims – an all-time high – during the third quarter of 2022. This metric …
Claims are down among Coalition policyholders in the first half of 2022, but small businesses became bigger targets and an organization’s employees remain the easiest was for cyber criminals to infiltrate and pull off scams. Coalition’s 2022 Cyber Claims Report …
It’s a crime that siphons untold billions from the economy — but many people have never heard of it. Business Email Compromise scams involve criminals hacking into email accounts, pretending to be someone they’re not and fooling victims into sending …
On Dec. 14, 2018, Aaron Cole was about to buy a new house and received an email that he thought was from his title company, directing him to make a $123,000 deposit. Cole complied, not realizing that a sophisticated hacker …
