15% of people successfully phished will be targeted at least one more time within the year. “Phishing and malware will also continue to be relentless threats, leveraged by both cybercriminals and APT actors that require organizations to address the inadvertent actor risk.” — 2019 IBM X-Force Threat Intelligence Index Report. Organizations and individuals must remain vigilant for spear phishing and BEC attacks by combining awareness with robust security controls and processes that boost overall cyber resilience. Phishing attacks jump by 21% in latest quarter, says Kaspersky by Lance Whitney in Security on August 29, 2019, 6:36 AM PST The number of worldwide phishing attacks detected by … Consider also whether your password is unique, and, critically, whether you will be able to remember it. How is spear phishing different from the regular phishing? Username and password do not match or you do not have an account yet. Phishing and Email Fraud Statistics 2019. Researchers at Verizon concluded that under the right conditions anyone can be fooled by a spear-phishing message. Targets have But there are ways to actually protect yourself against spear phishing. Students and undergraduate applicants to Lancaster University had their personal details stolen in a pair of breaches that were disclosed on 22 July 2019. This is usually combined with a threat or request for information: for example, that an account will close, a balance is due or information is missing from an account. sure the authenticity of the links present in email body before clicking on it. The best passwords are a mix of numbers, special characters and a mix of upper and lower case letters. In a BEC attack, a scammer targets employees who have access to company finances, usually by sending them email from fake or compromised email accounts (a “spear phishing” attack). For this reason, users must invest in the right technology that is purpose-built for such multi-dimensional threat protection. BEC scams accounted for over $12 billion in losses (FBI) Phishing attempts have grown 65% in the last year. If you haven’t already installed In 2018, reports of credential compromise rose 70% over 2017, and they’ve soared 280% since 2016. BEC attacks often involve tricking the victim into transferring funds to accounts under attackers’ control, and fraudsters have three main vehicles for “cashing out” in this way. The 2019 report — our fifth annual — has been significantly expanded, offering more data and analysis than ever before. Sony did have to cancel the release in theaters but managed to release a digital copy of the movie instead. Because phishing is a means to an end, one common follow-up that’s often observed alongside a phishing campaign is business email compromise (BEC). Chris Veltsos is a professor in the Department of Computer Information Science at Minnesota State University, Mankato where he regularly teaches Information ... read more. The email advised that the hosts could not accept any more bookings until they accept compliance with GDPR policy from Airbnb. Some spear phishing attack examples include: Irony struck the security giant RSA in March 2011 when the systems behind the EMC division’s flagship SecurID 2-factor authentication product were compromised using spear phishing. In this attack, scammers used social engineering techniques to identify Airbnb host targets who were sent out fake emails about General Data Protection Regulation (GDPR) implications. Be careful and meticulous about what you post online. an ample backup and retrieval program for your business, you should, and soon. Many scams, especially the ones that target private individuals are likely never reported but still, perform their mission with devastating precision. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. According to a new market research report published by Acute Market Reports “Global Spear Phishing Protection Market – Growth, Future Prospects, and Competitive Analysis,2019 – 2027”, the overall spear phishing protection market has been registered a market value of US$ 923.65 Mn in 2018 and is set to grow with a CAGR of 11.60 % during the forecast period. This is very different to antivirus or other malware protection tools that look only at isolated instances of attack. The attack took the form of a phishing email that was opened by five employees and which resulted in the download of keystroke logging software. Spear phishing campaigns are still hackers’ most-used attack vector in 2019, with over 90% of successful data breaches occurring as a result of a spear-phishing attack. It is important to update your software once you get update notification. One of the most famous data breach attacks with spear phishing was with Anthem, a healthcare insurer. But much of the advice which was common as recently as five years ago is no longer sufficient. The fraudulent but convincing messages are usually very urgent in nature and demand sensitive information or contain malware that the victim unwittingly activates. 84% of SMBs Targeted by Phishing Attacks The stronger our technical defenses become, the more threat actors look to target the human dimension of security. For example, the APWG reported that by the end of 2019, 68 percent of all phishing sites used SSL protection — up from around 10 percent in Q1 2017 — so telling users to look for SSL/TLS visual clues in websites is no longer an effective strategy by itself. Prevention against Spear phishing attacks. However, attackers leveraging wire transfers were able to move substantially more money ($52,325 on average) compared to those choosing the gift card route, who averaged just $1,571. © 2020 Equities News | Equities.com, Inc. * All dates and time are being displayed in Eastern Standard Time (EST). Healthcare data is apparently worth more on the black market than even financial data and could have potentially resulted in profits of millions of dollars for perpetrators. Most of these updates have security software that help prevent attack. Lancaster University students’ personal data stolen in phishing attack. a targeted attempt to steal sensitive information such as account credentials or financial information from a specific victim They go through such individuals' profiles to get their email addresses, geographic locations and friends lists. This is an interesting example of spear phishing targeting private individuals as opposed to business. DISCLOSURE: I personally suggest making 83% of global infosec respondents experienced phishing attacks in 2018, an increase from 76% in 2017. The most successful type of phishing attack is the so-called spear-phishing attack, which is specifically aimed at individuals or certain companies. Analysis and insights from hundreds of the brightest minds in the cybersecurity industry to help you prove compliance, grow business and stop threats. I recommend a storage and data protection assessment be conducted twice a year The views and opinions expressed in this article are those of the authors, and do not necessarily represent the views of equities.com. address directly into your browser to get to your In 2017, spear-phishing emails were the most widely used infection method, employed by 71% of hacker groups which carried out cyber attacks. One year after the arrest made in Spain, spear phishing is still one of the most common and most dangerous attack vectors seen by both, law enforcement and industry. Globally, there were over 150,000 victims, with more than 26 billion dollars at stake. Spear phishing is a targeted attempt to steal sensitive information such as account credentials or financial information from a specific victim. This year's report shows how phishing continues to evolve as threat actors adapt to (and exploit) changes in the digital landscape. There are several different types of phishing attacks, and the type the scammers use depends on their end goal. If you're a fan of Hollywood movies, chances are you have heard of the hack that involved the leaking of emails linking various celebrities including then President Barack Obama, Angelina Jolie, Leonardo DiCaprio and David Fincher, which ultimately led to the forced resignation of the targeted Sony executive and the the payment of $8 million in compensation - $4.5 million to employees and $3.5 million to attorneys. With regard to cyber espionage, phishing was used in 78 percent of cases. For each month from July to September 2019, they reported over 80,000 phishing sites, with three-quarters of all attacks targeting just three industry sectors: SaaS/webmail (33 … APWG member Agari tracks the identity theft technique known as “business e-mail compromise” or BEC. These emails carried a virus that could potentially compromise government computers and result in sending sensitive data about US nuclear weapon program to foreign governments. Via phishing emails, the attackers managed to install malware and steal sensitive information about Sony Pictures and its employees, a large selection of unreleased films and then managed to permanently delete from a large part of Sony’s infrastructure. Europol warns that there is a wealth of at-risk information online about organizations and specific employees, such as top-level managers and finance or payroll staff. Many organisations saw a shocking increase in social engineering throughout 2018, phishing attacks in particular. The attackers also demanded that Sony also withdraw its film The Interview, a comedy starring Seth Rogen and James Franco with a story plot to assassinate North Korean leader Kim Jong-un, and threatened terrorist attacks at cinemas screening the film. From a global law enforcement perspective, Europol recently released a report focused on spear phishing that noted how “spear phishing is still one of the most common and most dangerous attack vectors.” The report further detailed how one organized criminal group caused over 1 billion dollars in losses to the financial services industry by leveraging spear phishing as part of their activities to move money via ATM withdrawals and wire transfers. Top leadership should encourage the development and refining of dedicated, Organizations should also conduct a yearly review of controls and processes to get assurances of their effectiveness. The perpetrators usually disguise themselves as trustworthy entities and then make contact with their target through email, phone calls (also called vishing for voice phishing), social media and even text messages (also called smishing for SMS-phishing). To fight spear phishing scams, employees need to be aware of the threats, such as the possibility of bogus emails landing in their inbox. Most of the phishing emails being sent are part of large campaigns sent randomly using huge lists of email addresses, but not all. Spear phishing may sound simple, but the attack emails have greatly improved in the last few years and are now extremely difficult to detect. Proofpoint’s 2019 State of the Phish Report found that 83% of respondents were hit by at least one spear phishing attack in last year. An example of a spear phishing email. There is no fixed script that can be followed against spear phishing protection, but the following best practices are highly recommended. Come 2019, cyber criminals have upped their game and according to new research, cyber criminals will continue to target end users. Europol noted that 65 percent of targeted attacks involved spear phishing as the primary infection vector. Phishing is an all encompassing word for all forms of online attack in an attempt to get victims to share sensitive information about themselves. The company maintained large databases of emails from multiple corporate clients and more importantly, some very rich behavioral data that could be a goldmine for a sophisticated scammer. In the release, titled “Business Email Compromise: The $26 Billion Scam,” the FBI shared sobering statistics about just how effective BEC fraud has become. Some of the campaigns are far more targeted and are sent to only a handful of individuals – To individuals in a specific department in a company, for instance. Keep in mind the following tips to be safe from this cyber crime. Phishing is social engineering using digital channels. The file then allows the hacker to carry out a range of actions. The attackers often disguise themselves as very close friends to get this information. The health insurance giant Anthem experienced a devastating phishing attack in 2015, which resulted in the theft of private data of over 35.5 million customers and key employees including that of Anthem CEO Joseph Swedish. To avoid raising suspicion and increase their chance of success, spear phishing campaigns tend to seek critical information related to three key aspects of a target organization: Extensive use of job advertising sites and social media platforms by organizations and employees alike can make the process of assembling this information much easier and faster than it would have been just a decade ago. Even though RSA managed to spot the attack in progress, the attackers still managed to steal sensitive data from RSA’s network. Once this information is provided, the attacker can use it to gain access into such individuals' bank accounts or even steal an identity to create a new one using the information obtained. The attacker would … Some key recommendations from the Europol report are as follows: Email and social media keep us connected to our friends, families, employers and favorite brands. The first incident was a … As the APWG noted, the preferred method was to ask for gift cards (56 percent), with another 25 percent moving funds via payroll diversion and 19 percent via direct transfers. Presenting the users with the anatomy of a typical spear phishing attack and outlining the pitfalls of falling victim can make users more vigilant in dealing with emails involving links and calls to action. One of the most prominent examples of spear phishing in the public sector involves the case of Charles Harvey Eccleston who pleaded guilty to sending out emails to U.S Department of Energy employees. Subscribe to get our Daily Fix delivered to you inbox 5 days a week, » Email Marketing Services Company Epsilon Breach. destination safely. 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