Chubb and Microsoft chart the evolution of cyber crime
A new white paper co-authored by Chubb and Microsoft tracks the mounting risks and dangers associated with cyber crime’s increase
A new white paper co-authored by Chubb and Microsoft tracks the mounting risks and dangers associated with cyber crime’s increase
A new white paper co-authored by Chubb and Microsoft tracks the mounting risks and dangers associated with cyber crime’s increase.
With an increased emphasis on cybersecurity becoming particularly important in the wake of remote working practices, the companies opted to focus on emails in particular as a gateway to risk.
Among the statistics cited in the report to emphasise the extent of the problem are:
Regarding the latter point, Patrick Thielen, Senior VP at Chubb North America Financial Lines, commented, "BEC attacks serve as a prime example of how cyber crime is quickly evolving.
"As employees become savvier about not clicking on unfamiliar links or downloading unknown attachments, cyber criminals are just as quickly pivoting to different means—hijacking email accounts and impersonating executives.
“These sophisticated fraud schemes often result in employees erroneously transferring money to criminals under the auspices of their bosses' supposed directions."
Indeed, the white paper notes that there are three primary ways to perpetrate email impersonation:
Therefore, Chubb and Microsoft recommend the speedy adoption of multi-factor authentication that bolster baseline password security (which alone contributes to 80% of breaches). The report notes three aspects:
It makes sense that technologically sophisticated problems would require an equally sophisticated solution. Acting fast and making the investment, states Joram Borenstein, General Manager of Modern Work and Security Partnerships at Microsoft, is the optimal solution:
"The old saw of an ounce of prevention being worth more than a pound of cure remains true in the cyber world. By layering authentication across multiple factors, consumers and employers make it harder for criminals to breach defences and get at your business and personal data."