Beazley data shows email compromise incidents up 133%

Business email compromises accounted for nearly a quarter (24 percent) of the overall number of incidents reported to Beazley Breach Response (BBR) Services in 2018, compared to 13 percent in 2017, according to the latest figures.

The Beazley Breach Briefing said that almost half (47 percent) of all incidents investigated by BBR Services in 2018 were the result of hacking or malware. Around half of these were email related.

The findings were based on investigations into more than 3,300 data incidents in 2018.

Beazley said the attacks were socially engineered, with cybercriminals using compromised email credentials or imitating a legitimate email address to trick employees into making a payment or transferring data.

The firm advised businesses to take the following precautions: use multi-factor authentication for remote access; train staff to be alert to this kind of crime; set up pre-determined codes to confirm requests for employees authorised to request fund transfers; and limit the number of employees who can authorise wire transfers.

When account detail changes are requested, the firm advised businesses to conduct the following checks: confirm all requests with a direct call; use pre-agreed phone numbers; review all requests by a next-level approver before changes are made; and check that the address or bank account are the same as for previous payments.

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