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Business email compromise ranks as the top attack method organizations face, according to cybersecurity firm Arctic Wolf.
What’s new: Artic Wolf’s “State of Cybersecurity: 2024 Trends Report” found that nearly three-quarters (70%) of organizations were the targets of attempted BEC attacks in the last year.
- In a business email compromise (BEC), criminals send an email message that appears to come from a known source to trick people into sharing sensitive information or sending money.
What they’re saying: “Attackers are focusing on the human element, as evident with the overwhelming targeting via business email compromise,” Ian McShane, vice president at Arctic Wolf, said in a statement. “No matter the method of intrusion, the stakes are even higher for business leaders as most successful ransomware attacks involve data exfiltration.”
Other key findings:
- Ransomware remains prevalent: Last year, 45% of respondents experienced ransomware. Of that 45%, almost 9 out of 10 respondents (86%) reported successful data exfiltration attacks.
- Increased Breach Disclosure: 66% of organizations now disclose breaches, up from 26% in 2023. This rise is partly due to cyber insurance requirements and data breach notification laws.
- Cyber Insurance on the Rise: 95% of respondents have or are acquiring cyber insurance, highlighting a growing trend.
The bottom line: Businesses face a heightened threat landscape with BEC attacks and continued ransomware. While positive developments include increased breach disclosure and cyber insurance adoption. However, challenges around cyber insurance affordability and policy requirements persist.
What’s next: Respondents expressed concerns about cyber insurance prices and strict requirements for maintaining insurance coverage. One in five (20%) said the insurance procurement process was time-consuming.
“This indicates that, as we continue to see security decision-makers adopt cyber insurance policies, it will not be without some level of concern and pain points,” Artic Wolf said.
Working with an experienced insurance broker, such as Chivaroli & Associates, who understands the marketplace and how to structure coverage, can reduce pain points.
Methodology: Artic Wolf surveyed 1,000 senior IT and cybersecurity decision-makers in over 15 countries.
