Organisations will be forced to get smarter about educating employees to spot fraudulent instruction tactics like spoofed emails or domain names.
Current trends indicate that threat actors will continue to pursue fraudulent instruction as a profitable tactic in 2023. This trend continues to be quite high compared to where we would expect it to be, especially when it comes to small business.
Risk management behavior will be key to stemming the tide of fraudulent instruction. It can't simply be the job of a cyber services team or an IT team to deal with the potential for breach. Everyone must be involved.
As we enter 2023 in a challenging economic climate, current conditions also have the potential to drive more incidents. With new cyberattack SaaS platforms easily accessible, the entry price into cyber criminality becomes cheaper. This ease, coupled with mass unemployment and inflation rates, may drive more people to the dark side for alternative income streams.
Organisations of all sizes need to take a proactive approach to reducing these risks, including establishing processes to verify payment requests, continuously training employees, improving logging practices, and investing in identity and access management.
Larger economic challenges may cause some organisations to make choices that could result in smaller or less skilled teams. The resource constraints affecting these organisations could lead to mistakes which may predicate a variety of events, from email-related attacks to ransomware or data exfiltration-driven cyber extortion incidents.
The information set forth in this communication is intended as general risk management information. It is made available with the understanding that Beazley does not render legal services or advice. It should not be construed or relied upon as legal advice and is not intended as a substitute for consultation with counsel. Although reasonable care has been taken in preparing the information set forth in this communication, Beazley accepts no responsibility for any errors it may contain or for any losses allegedly attributable to this information. Non-insurance products and services are provided by non-insurance company Beazley affiliates and independent third parties. Separate terms and conditions may apply.
Larger economic challenges may cause some organisations to make choices that could result in smaller or less skilled teams. The resource constraints affecting these organisations could lead to mistakes which may predicate a variety of events, from email-related attacks to ransomware or data exfiltration-driven cyber extortion incidents.
