Social engineering has become a prevalent strategy used by cyber criminals to target individuals and organizations. This approach involves manipulating people into divulging sensitive information, such as login credentials or financial details, through various means of deception.
Business Email Compromise (BEC) is a fraudulent scheme where cyber criminals impersonate a high-ranking executive within an organization to trick employees into transferring money or sensitive data. BEC attacks have resulted in billions of dollars in losses globally.
The rise of social engineering tactics, particularly in BEC schemes, has significantly impacted the global economy. In 2020 alone, BEC attacks led to losses exceeding $50 billion worldwide.
Cyber criminals use various tactics, such as phishing emails, pretexting, and baiting, to manipulate individuals into revealing confidential information. By exploiting human behavior and emotions, attackers are able to gain unauthorized access to sensitive data.
While BEC attacks can target any sector, industries that frequently deal with large financial transactions, such as banking, finance, and real estate, are often prime targets for cyber criminals. These sectors are more susceptible to BEC scams due to their high volume of monetary transfers.
Organizations can implement security measures, such as employee training on cybersecurity best practices, multi-factor authentication, and email verification procedures, to safeguard against social engineering attacks. Its crucial for businesses to regularly update their security protocols to address evolving cyber threats.
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Analysis: BEC Losses Hit $50B Worldwide due to Social Engineering.