COVID-19 Cyberattacks – Increase in Ransomware & BEC (Business Email Compromise aka Spearphising)!

16 September 2020 Internet, IT & e-Discovery Blog Blog
Authors: Peter Vogel

HelpNetSecurity reported “Cyber attacks have increased in number and severity since the onset of the pandemic. The changes organizations implemented to facilitate remote work have given cybercriminals new opportunities to launch campaigns exploiting mass uncertainty and fear.” The September 14, 2020 report entitled “Cyber losses are increasing in frequency and severity” included these comments:

…since the beginning of COVID-19, …a 47% increase in the severity of ransomware attacks, on top of a 100% increase from 2019 to Q1 2020.

Since the beginning of the pandemic, researchers also reported a 35% increase in funds transfer fraud and social engineering claims filed by their policyholders.

Reported losses from these types of attacks have ranged from the low thousands to well above $1 million per event.

Additionally, COVID-19 has resulted in a notable surge of business email compromise…67% increase in the number of email attacks during the pandemic

Unfortunately no one could be surprised by this Cyber news!

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