United States Reported Less Data Breaches in 2020 but with much more Expensive Successful Hacker Attacks
According to the annual report of the Identity Theft Resource Center (ITRC), 1,108 cyber incidents were reported in 2020 and the number casualties from these incidents was close to 301 million people, a drop of 66% over the previous year.
The social engineering technique of impersonation also helped attackers reap massive profits:
The volume of business fraud and hacking by corporate e-mail systems (BECs) reported to the FBI in 2020 was US$ 1.8 Billion – a figure that reflects half of all cyber damage in monetary terms.
“The trend away from mass data breaches and toward more precise and sophisticated cyberattacks doesn’t mean businesses can relax. Just the opposite. They need to learn whole new ways of protecting their data.”
– James E. Lee, ITRC COO
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Vendor Email Compromise Outpaces BEC in EMEA – A Wake-Up Call for MSSPs
📧 VEC Attacks in EMEA Soar Past BEC Threats
Vendor Email Compromise (VEC) engagement in EMEA hits 47.3% – almost double BEC’s rate.
This rise shows how VEC exploits trust in external vendors, bypassing traditional BEC defenses.
EMEA reports only 0.2% of VEC incidents, signaling a critical awareness gap.
MSSPs must adopt advanced behavioral analytics and third-party identity monitoring to catch these sophisticated threats.
Continuous employee education and simulated VEC phishing drills are essential to close this gap.
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Vendor Email Compromise: The Silent $300M Threat CISOs Can’t Ignore
📧 Vendor Email Compromise Is a $300M Silent Threat
Vendor Email Compromise (VEC) is skyrocketing, with 72% of employees at large enterprises engaging with fraudulent vendor emails by replying or forwarding—even when no links or attachments are present.
This behavior has fueled attempted thefts over $300 million worldwide last year.
VEC attacks now see engagement rates 90% higher than traditional Business Email Compromise (BEC).
The EMEA region is a hotbed for these attacks, yet employees there report only 0.27% of incidents—the lowest global reporting rate.
Telecom leads in vulnerability, with 71.3% employee engagement, followed by energy and utilities at 56.25%.
VEC’s danger lies in hijacking trusted vendor email threads and leveraging social engineering that exploits human trust, bypassing technical defenses like multi-factor authentication.
To fight back, organizations must adopt AI-powered email analytics, enforce vendor verification protocols, and continuously train employees to detect social engineering tactics.
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Don’t wait for an attack to expose your vulnerabilities.
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