Cybersecurity risks and challenges facing the financial industry

A primer on various threats looming over financial companies and the steps that these organizations can take to counter them. Companies operating in the financial services industry aren’t by any means strangers to being targeted by various forms of financial crimes and fraud. However, over time, the playing field has changed and threat actors have … More Cybersecurity risks and challenges facing the financial industry

FBI: Cybercrime losses tripled over the last 5 years

On the upside, the Bureau recovered more than US$300 million in funds lost to online scams last year. In 2019, the United States’ Federal Bureau of Investigation (FBI) received more than 467,000 cybercrime complaints that caused an estimated US$3.5 billion in losses, according to the Bureau’s annual 2019 Internet Crime Report (IC3). Last year saw both the … More FBI: Cybercrime losses tripled over the last 5 years

Losses from Business Email Compromise scams rising fast and furious

In 2017, the victims of BEC fraud were stung for $676 million, almost double the loss totals reported in the previous year. The FBI’s Internet Crime Complaint Center (IC3) received a record-high 301,000 complaints of internet-facilitated fraud and other cybercrimes in 2017, with reported losses adding up to $1.42 billion. Pegged at over $676 million, … More Losses from Business Email Compromise scams rising fast and furious