Menu

  • Alerts
  • Incidents
  • News
  • APTs
  • Cyber Decoded
  • Cyber Hygiene
  • Cyber Review
  • Cyber Tips
  • Definitions
  • Malware
  • Threat Actors
  • Tutorials

Useful Tools

  • Password generator
  • Report an incident
  • Report to authorities
No Result
View All Result
CTF Hack Havoc
CyberMaterial
  • Education
    • Cyber Decoded
    • Definitions
  • Information
    • Alerts
    • Incidents
    • News
  • Insights
    • Cyber Hygiene
    • Cyber Review
    • Tips
    • Tutorials
  • Support
    • Contact Us
    • Report an incident
  • About
    • About Us
    • Advertise with us
Get Help
Hall of Hacks
  • Education
    • Cyber Decoded
    • Definitions
  • Information
    • Alerts
    • Incidents
    • News
  • Insights
    • Cyber Hygiene
    • Cyber Review
    • Tips
    • Tutorials
  • Support
    • Contact Us
    • Report an incident
  • About
    • About Us
    • Advertise with us
Get Help
No Result
View All Result
Hall of Hacks
CyberMaterial
No Result
View All Result
Home News

Global Financial Email Attacks Surge 137%

January 18, 2024
Reading Time: 3 mins read
in News

Abnormal Security’s recent data exposes a significant surge of 137% in Vendor Email Compromise (VEC) attacks within the global financial services industry in 2023. This surge, marked by an average of 200 socially engineered email attacks per 1000 mailboxes weekly, poses a severe threat to the sector. The attacks, largely related to impersonating business providers, such as suppliers or vendors, have reached alarming levels, with peak periods observed in late January, late September, and mid-December.

Notably, these attacks are not only growing in frequency but also in financial impact. Abnormal Security’s report highlights instances where VEC attacks have targeted millions of dollars, with a staggering case involving a $36 million loss. The document details a $1.4 million VEC attack against an Australian financial holding company, showcasing the intricate methods employed by threat actors. Leveraging legitimate communication patterns and invoices, the attackers successfully manipulated banking details within seemingly harmless emails.

The financial services industry has not only faced a surge in VEC attacks but also witnessed a 71% increase in Business Email Compromise (BEC) attacks in 2023. These attacks involve cybercriminals impersonating executives or employees to orchestrate payroll or banking-related fraud. Despite lacking malicious links or attachments, BEC attacks easily bypass traditional security tools through social engineering tactics. Abnormal Security emphasizes that the sophistication of these attacks, combining authenticity and subtle changes to evade detection, presents a significant challenge to both legacy email security systems and human vigilance.

The company warns that if these trends persist, organizations in the financial services industry must brace for the increasing frequency of email-based attacks targeting human fallibility. To combat these threats, the adoption of sophisticated cloud email security is recommended.

Reference:
  • H2 2023 – Applications Abound: Average Organization Now Integrates 379 Third-Party Applications with Email

 

Tags: Cyber NewsCyber News 2024CybercrimeCybersecurityEmail SecurityJanuary 2024Vendor Email Compromise
ADVERTISEMENT

Related Posts

Microsoft Halts Services to Israeli Defense

Microsoft Halts Services to Israeli Defense

September 26, 2025
Microsoft Halts Services to Israeli Defense

Kali Linux 2025.3 Released With 10 Tools

September 26, 2025
Microsoft Halts Services to Israeli Defense

Google Flo Health Flurry Pay 59.5M

September 26, 2025
Cloudflare Mitigates 22Tbps DDoS Attack

Secret Service Dismantles UN Telecom Threat

September 24, 2025
Cloudflare Mitigates 22Tbps DDoS Attack

Firefox Lets Devs Roll Back Bad Updates

September 24, 2025
Cloudflare Mitigates 22Tbps DDoS Attack

Cloudflare Mitigates 22Tbps DDoS Attack

September 24, 2025

Latest Alerts

Fake PyPI Login Site Steals Credentials

Google Warns of BRICKSTORM Malware

Hidden WordPress Backdoors Create Admins

Hackers Target AWS and Steal Credentials

SonicWall SMA100 Update Removes Rootkit

BadIIS Malware Spreads Via SEO Poisoning

Subscribe to our newsletter

    Latest Incidents

    Indian Bank Transfer Records Exposed

    Chinese Cyberspies Hit US Defense Firms

    Neon App Shuts Down After Data Leak

    Boyd Gaming Reports Data Breach After Attack

    Morrisroe UK Company Hit By Cyber Attack

    GeoServer Flaw Breaches US Agency Network

    CyberMaterial Logo
    • About Us
    • Contact Us
    • Jobs
    • Legal and Privacy Policy
    • Site Map

    © 2025 | CyberMaterial | All rights reserved

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In

    Add New Playlist

    No Result
    View All Result
    • Alerts
    • Incidents
    • News
    • Cyber Decoded
    • Cyber Hygiene
    • Cyber Review
    • Definitions
    • Malware
    • Cyber Tips
    • Tutorials
    • Advanced Persistent Threats
    • Threat Actors
    • Report an incident
    • Password Generator
    • About Us
    • Contact Us
    • Advertise with us

    Copyright © 2025 CyberMaterial