Security Forum: Business Email Compromise tops Ransomware

On February 28, AmCham Nordics in cooperation with the Overseas Security Advisory Council (OSAC) held a webinar focusing on one of the most financially damaging cybercrimes, Business Email Compromise (BEC).

Subject matter expert Stephen Dougherty, Forensic Financial Analyst at the U.S. Secret Service Criminal Investigative Division, shared insight into how the threat is targeting businesses worldwide at an alarming rate, typically involving phishing emails and social engineering tactics to attack organizations and trick unsuspecting employees.

During the pandemic, the FBI’s 2020 IC3 internet crime report saw a 69% growth in cybercrime, with BEC leading the pack in terms of the costliest to businesses – even outpacing ransomware. According to a 2021 Business Email Compromise Report, of all security incidents suffered by organizations last year, BEC attacks accounted for 50%, resulting in other kinds of threats like loss of data (16%), compromised accounts (36%), and payment fraud (16%).

During the event, Mr. Dougherty shared tips on how to best protect your organization from these increasingly dangerous threats.

See these links for more information:

• USSS Cyber Investigations
• USSS Field Offices (includes EU offices)
• USSS Combating the Illicit Use of Digital Assets