February 24, 2021

Volume XI, Number 55

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February 24, 2021

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February 23, 2021

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February 22, 2021

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Banks’ Top Concern is BEC (Business Email Compromise aka Spearphishing)!

HelpNetSecurity.com reported that “Smaller firms were hit the hardest (26% of small business fraud had a tie to the virus, as opposed to only 17% for larger companies). Presumably, their potential payouts previously fell below the radar of criminals who now, with the development of greater automation and a backdrop of expanded vulnerabilities, have broadened their sights to include targets of all sizes.” The February 19, 2021 report entitled “Business email compromise is a top concern for banks” included these survey comments:

  • 86% of respondents from banks perceive business email compromise / authorized fraud to be the greatest risk to their business over the next 1-2 years.

  • 21% of fraud experiences had a COVID-19 connection.

  • Against a multi-year trend of increasing sophistication and automation of fraud, opportunistic criminals leveraged the pandemic-driven push to remote operations to strike in a blitz offensive.

  • The rapid transition to a work from home (WFH) environment created exposures that outpaced structural and procedural defenses, resulting in accelerated threats and fraud loss.

No surprise since BEC has been so profitable for cybercriminals for so long!

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© 2020 Foley & Lardner LLPNational Law Review, Volume XI, Number 54
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About this Author

Peter Vogel, trial attorney, Foley Lardner
Partner

Peter Vogel is renowned as both a trial and transactional lawyer who deeply understands technology, science and intellectual property, and the opportunities and problems they pose for clients. Governments and administrative agencies, as well as major corporations and emerging businesses, rely on Peter to get right to the heart of an information technology or e-discovery dispute; he knows what to expect and how it will play out in the courtroom. This eliminates unproductive rabbit trails and reduces the cost of litigation for all parties. When negotiating agreements for...

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