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Cosmic Lynx responsible for more than 200 BEC attacks against corporations

Wednesday 8 July 2020 12:14 CET | News

Cosmic Lynx, a new group believed to be from the Russian cybercriminal space, has been responsible for more than 200 BEC attacks since July 2019, according to Agari researchers.

BEC attacks have become the predominant cyber threat businesses face today. Since 2016, businesses have lost at least USD 26 billion as a result of BEC attacks and, based on the most recent FBI IC3 report, losses from BEC attacks grew another 37% in 2019, accounting for 40% of all cybercrime losses over the course of the year. Unlike traditional BEC groups, Cosmic Lynx has demonstrated the capability to develop complex and creative attacks that sets them apart from other more generic BEC attacks. 

Since July 2019, more than 200 BEC campaigns were linked to Cosmic Lynx, targeting individuals in 46 countries on six continents. Cosmic Lynx has a clear target profile: large, multinational organiszations. Nearly all the organiszations Cosmic Lynx has targeted have a significant global presence and many of them are Fortune 500 or Global 2000 companies. It seems Cosmic Lynx identifies employees to target based on their title. Three quarters of employees targeted by Cosmic Lynx hold the titles of Vice President, General Manager, or Managing Director, according to agari.com.

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Keywords: Cosmic Lynx, Russia, BEC, cybercrime, cybercriminals, business email compromise, return on investment, social engineering attacks, BEC attacks, FBI IC3 report, Fortune 500, Global 2000
Categories: Banking & Fintech | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

Banking & Fintech