Cyber attacks against businesses are on the rise globally, with 67 percent of company managers reporting an increase in incidents in the past year, DPA reported, citing data from an international survey.
It was conducted in September by the consulting firm “Man Bites Dog” (Man Bites Dog) on behalf of the British insurer “Hiscox” (Hiscox) and published today. The survey surveyed 2,150 company managers from the US, Germany and six other European countries, highlighting the growing threat of cybercrime.
The survey broadly defines cyberattacks, covering a variety of malicious activities such as phishing email scams and ransomware, which locks down company networks and systems, diverting funds to hacker accounts, BTA reported.
The main way hackers gain access is through cloud server access vulnerabilities, while company employees are at risk of falling victim to phishing scams, the study revealed.
The threat is not limited to external hackers, with 42 percent of those surveyed identifying employees, subcontractors or business partners as potential risks.
Giza Kimrele, head of cyber insurance at Hiscox in Germany, noted that “social engineering” techniques are often used to manipulate employees into revealing sensitive information. A key tactic is the “fake president” scam, where hackers pose as company executives to initiate fraudulent payments to be made to their own accounts.
The study includes input from senior executives and IT managers, with a focus on small and medium-sized businesses.
Payment fraud has become a major problem, with 58 percent of companies reporting financial losses due to such schemes.
In addition, 43 percent of businesses that experienced cyberattacks reported losing customers as a result of the incidents.
While online extortion remains a common threat, Kimrele stressed that paying the amount demanded by hackers very often does not guarantee full system access is restored, and companies may be forced to reinstall their systems after a cyber attack.