Vendor Email Attacks in the Financial Sector surged by 137% in 2023. This was largely due to socially engineered email attacks, with an average of 200 advanced attacks per 1000 mailboxes each week. The peak attack periods occurred in January, September, and December. These attacks involve threat actors impersonating business providers and can result in substantial financial losses for organizations. The financial sector also saw a 71% increase in Business Email Compromise (BEC) attacks, where cybercriminals impersonate executives or employees to orchestrate fraud. The sophistication of these attacks poses a significant challenge to security systems and human vigilance. Organizations are adopting sophisticated cloud email security to combat these threats. #VendorEmailAttacks #FinancialSector #SocialEngineering #BusinessEmailCompromise
https://www.infosecurity-magazine.com/news/vec-surged-137-financial-sector/