HSB survey finds increase in phishing schemes

Tuesday 28 April 2020 10:35 CET | News

A cyber survey by HSB has shown that US small businesses report an increase in suspicious emails over 2019 and employees are taking the bait as they fall for phishing schemes.

As a result of the phishing schemes, employees transfer tens of thousands of dollars in company funds into fraudulent accounts. Thus, over half of business executives (58%) polled by Zogby Analytics for HSB, a provider of cyber insurance and services, said suspicious emails had increased in 2019. 37% of the organisations received an email from someone pretending to be a senior manager or vendor requesting payments.

Almost 47% of employees receiving those emails responded by transferring company funds, resulting in losses most often in the USD 50,000 to USD 100,000 range (37%) and rarely less than USD 10,000 (11%). The scam is convincing because cyber thieves in many cases gain access to business email accounts and assume the false identities of company managers.

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Keywords: HSB, cybersecurity, suspicious business emails, phishing schemes, fraudulent accounts, fraud, cyber thieves, hacks, scams
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

Securing Transactions