A report also pointed out that most of the BEC scams that have happened this year have been mostly targeted at CFOs of organisations.
A recent report by security solution provider a Trend Micro highlighted that over 180 Indian companies were affected with Business Email Compromises (BEC) schemes.
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The report, titled ‘The Reign of Ransomware’, provided an extensive data surrounding the increase of such scams, which has caused a $3 billion losses & nearly 500 product vulnerabilities in 2016.
The firm defines Business Email Compromise (BEC) schemes as the scam tactics which compromise business accounts in order to facilitate an unauthorized fund transfer.
These threats are presently one of the most dangerous cyber threats encountered by the organizations in India. As per the research firm’s predictions, 2016 had witnessed the massive boom in online extortion activities in the form of malicious attacks.
The report said 79 new ransomware families were identified in a first six months of this year, surpassing the total number of new families found in the year 2015. Almost 58 per cent of the ransomware attacks in 2016 has been linked to the BEC scams that originated from emails.
“While it’s unfortunate for us, cyber-criminals are resilient & flexible when it comes to the altering an attack method each time we find a patch or solution,” said Ed Cabrera, chief cyber-security an officer for Trend Micro.
The report was pointed out that most BEC scams that occurred this year have been frequently targeted at CFOs of organizations. BEC scams are unconventional in nature & do not involve malware, making it very hard for the traditional email solutions to detect malicious links or attachment sent via mail.
Trend Micro also recommends the organizations to increase awareness among employees to avoid such scams.