Social Engineering Attacks Targeting C-Level Execs

NEW YORK – C-level executives who have access to a company’s most sensitive information are now the major focus for social engineering attacks, a new report indicates.

Social Enginnering

The Verizon 2019 Data Breach Investigations Report reveals senior executives are 12 times more likely to be the target of social incidents, and nine times more likely to be the target of social breaches than in previous years – and financial motivation remains the key driver.

“Financially motivated social engineering attacks (12% of all data breaches analyzed) are a key topic in this year’s report, highlighting the critical need to ensure ALL levels of employees are made aware of the potential impact of cybercrime,” Verizon said.

Edge-Based Applications

“Enterprises are increasingly using edge-based applications to deliver credible insights and experience. Supply chain data, video, and other critical – often personal – data will be assembled and analyzed at eye-blink speed, changing how applications utilize secure network capabilities” said George Fischer, president of Verizon Global Enterprise. “Security must remain front and center when implementing these new applications and architectures.

“Technical IT hygiene and network security are table stakes when it comes to reducing risk. It all begins with understanding your risk posture and the threat landscape, so you can develop and action a solid plan to protect your business against the reality of cybercrime,” continued Fischer. “Knowledge is power, and Verizon’s DBIR offers organizations large and small a comprehensive overview of the cyber threat landscape today so they can quickly develop effective defense strategies.”

Large Dividends

“A successful pretexting attack on senior executives can reap large dividends as a result of their – often unchallenged – approval authority, and privileged access into critical systems. Typically time-starved and under pressure to deliver, senior executives quickly review and click on emails prior to moving on to the next (or have assistants managing email on their behalf), making suspicious emails more likely to get through. The increasing success of social attacks such as business email compromises (BECs –which represent 370 incidents or 248 confirmed breaches of those analyzed), can be linked to the unhealthy combination of a stressful business environment combined with a lack of focused education on the risks of cybercrime,” Verizon said.

This year’s findings also highlight how the growing trend to share and store information within cost-effective cloud based solutions is exposing companies to additional security risks. Analysis found that there was a substantial shift towards compromise of cloud-based email accounts via the use of stolen credentials. In addition, publishing errors in the cloud are increasing year-over-year. Misconfiguration (“miscellaneous errors”) led to a number of massive, cloud-based file storage breaches, exposing at least 60 million records analyzed in the DBIR dataset. This accounts for 21% of breaches caused by errors, Verizon explained.

‘Unaware’ of Risks

“As businesses embrace new digital ways of working, many are unaware of the new security risks to which they may be exposed,” said Bryan Sartin, executive director of security professional services at Verizon. “They really need access to cyber detection tools to gain access to a daily view of their security posture, supported with statistics on the latest cyber threats. Security needs to be seen as a flexible and smart strategic asset that constantly delivers to the businesses, and impacts the bottom line.”

Among the Findings

Major findings of the 2019 report include:

  • New analysis from FBI Internet Crime Complaint Center (IC3): Provides insightful analysis of the impact of Business Email Compromises (BECs) and Computer Data Breaches (CDBs). The findings highlight how BECs can be remedied. When the IC3 Recovery Asset Team acts upon BECs, and works with the destination bank, half of all US-based business email compromises had 99% of the money recovered or frozen; and only 9% had nothing recovered.
  • Attacks on human resources personnel have decreased from last year: Findings saw six times fewer Human Resource personnel being impacted this year compared to last, correlating with W-2 tax form scams almost disappearing from the DBIR dataset.
  • Chip and PIN payment technology has started delivering security dividends: The number of physical terminal compromises in payment card related breaches is decreasing compared to web application compromises.
  • Ransomware attacks are still going strong: They account for nearly 24% of incidents where malware was used. Ransomware has become so commonplace that it is less frequently mentioned in the specialized media unless there is a high profile target.
  • Media-hyped crypto-mining attacks were hardly existent: These types of attacks were not listed in the top 10 malware varieties, and only accounted for roughly 2% of incidents.
  • Outsider threats remain dominant: External threat actors are still the primary force behind attacks (69% of breaches) with insiders accounting for 34%.
Section: Standard
Word Count: 907
Copyright Holder: CUToday.info
Copyright Year: 2019
Is Based On:
URL: http://www.cutoday.info/Fresh-Today/Social-Engineering-Attacks-Targeting-C-Level-Execs