September 23, 2020

Volume X, Number 267

September 23, 2020

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September 22, 2020

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September 21, 2020

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COVID-19 Cyberattacks – Increase in Ransomware & BEC (Business Email Compromise aka Spearphising)!

HelpNetSecurity reported “Cyber attacks have increased in number and severity since the onset of the pandemic. The changes organizations implemented to facilitate remote work have given cybercriminals new opportunities to launch campaigns exploiting mass uncertainty and fear.” The September 14, 2020 report entitled “Cyber losses are increasing in frequency and severity” included these comments:

…since the beginning of COVID-19, …a 47% increase in the severity of ransomware attacks, on top of a 100% increase from 2019 to Q1 2020.

Since the beginning of the pandemic, researchers also reported a 35% increase in funds transfer fraud and social engineering claims filed by their policyholders.

Reported losses from these types of attacks have ranged from the low thousands to well above $1 million per event.

Additionally, COVID-19 has resulted in a notable surge of business email compromise…67% increase in the number of email attacks during the pandemic

Unfortunately no one could be surprised by this Cyber news!

© 2020 Foley & Lardner LLPNational Law Review, Volume X, Number 260

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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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