Phishing Attacks Targeting Executives Now Top Cybersecurity Insurance Claims, Says AIG

By CircleID Reporter

A new report published by the insurance giant, AIG, claims phishing attacks via email, often targeted at senior executives, have overtaken ransomware. "Nearly a quarter of reported incidents in 2018 were due to business email compromise (BEC), up significantly from 11% in 2017," says the report.

"We're still seeing a surprisingly high level of these forms of fraud being perpetrated and some are affecting quite large and sophisticated clients. You may think that every CFO at a large company would know about this by now, but it's still happening." (Jose Martinez, vice president of financial lines major loss claims, EMEA, AIG)

"Although financial services firms were the first buyers of cyber insurance and the largest sector, we saw professional services firms move ahead in 2018 in the number of reported claims. This is also the sector most vulnerable to business email compromise. Year-on-year, the number of claims emanating from professional services firms, including law firms and accountants, increased from 18% to 22%." (AIG)

Related topics: Cyberattack, Cybercrime, Cybersecurity, Email