Business email hacks are on the rise according to a new report from leading insurance company Beazley.
The report shows an increase of attacks around 133% in what they are describing as ‘business email compromises’.
In 2018, thousands of data breaches were recorded and Beazley’s findings are based on information from them investigations.
According to the data received, almost half (47%) of all causes of cybersecurity incidents were made up of hacking or malware.
More concerning is that hacking or malware has increased by 10% since last year due to the rise in business email compromise.
Accidental disclosure (20%), Business Insider (9%), Social Engineering (8%) and Portable devices (6%) make up the top five of cybersecurity incidents.
The report shows that healthcare (41%) and financial institutions (20%) have felt the brunt of these attacks with education (10%) and professional services (7%) also ranking highly.
For the financial service in particular, a whopping 59% of security incidents have occurred from a hack or malware.
The same methods of cybersecurity attacks are also popular in the construction, education, hospitality and the retail industry.
As phishing emails become more sophisticated, so does the success of the attack.
The sophistication of these attacks are now getting past the best spam filters and as a consequence tricking the recipient.
Hackers will always hope to trick one individual within a company in that it will almost certainly lead to access of a whole network and then spread malware across the entire business.
Staff education can be vital in preventing an attack and a reading our brief blog post on what to look out for in a phishing attack might help.
But ultimately, Arc Systems team up with some of the best security companies in the IT landscape.
We can point you in the right direction when it comes to what your business needs when it comes to your IT security.
If you need to contact us to speak to one of our experts, please don’t hesitate to give us a call.
To view the full report, click here