70% of Ransomware Attacks Targeted SMBs, BEC Attacks Increased by 130%

Beazly recently presented a report about the cases of ransonware occurred last year.

In this report, Beazley Breach Response Services (BBR) noted that 70% of the total number of attacks targeted small and medium companies, especially those that do not block the remote desktop protocol (RDP). This report is based on 3300 analyzed cases.

This is due to small and medium companies, reportedly, investing much less in protecting their information systems and information than larger companies.

As detailed in Beazley’s 2019 noncompliance report, the largest bailout required to their policyholders was of $ 8.5 million or 3,000 Bitcoins, while the highest payment made by one of their clients was $ 935,000.

Beazley’s analysis also revealed that phishing and malware attacks registered an increase of 133%. This modality consists of the theft of credentials by utilizing fraudulent emails, that attackers use to make payments to bank accounts controlled by them.

To be more precise, BEC attacks accounted for approximately 24% of the total incidents per report (BBR), a drastic increase compared with the 13% reported on 2017.

“Nearly half (47%) of all incidents investigated by BBR Services in 2018 were the result of a hack or malware attacks, of which approximately half were BECs,” the report said.

According to Beazley’s analysis of BEC incidents reported by customers throughout 2018, the highest BEC claim for insurance exceeded $ 2.5 million, while the average cost of a BEC claim was around $ 70,960.

In addition, from all industries affected by ransomware attacks, the main organizations that experienced this type of incident were: Health (34%), Professional Services (12%) and Financial Institutions (12%)

Source: https://www.bleepingcomputer.com/news/security/70-percent-of-ransomware-attacks-targeted-smbs-bec-attacks-increased-by-130-percent/