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Interpol Busted 11 Members of Nigerian BEC Cybercrime Gang

Interpol Busted 11 Members of Nigerian BEC Cybercrime Gang

Jan 20, 2022
A coordinated law enforcement operation has resulted in the arrest of 11 members allegedly belonging to a Nigerian cybercrime gang notorious for perpetrating business email compromise (BEC) attacks targeting more than 50,000 victims in recent years. The disruption of the BEC network is the result of a ten-day investigation dubbed  Operation Falcon II  undertaken by the Interpol along with participation from the Nigeria Police Force's Cybercrime Police Unit in December 2021. Cybersecurity firms  Group-IB  and Palo Alto Networks'  Unit 42 , both of which shared information on the threat actors and their infrastructure, said six of the 11 suspects are believed to be a part of a prolific group of Nigerian cyber actors known as SilverTerrier (aka TMT). BEC attacks, which began to gain dominance in 2013, are  sophisticated scams  that target legitimate business email accounts through social engineering schemes to infiltrate corporate networks and subsequently leverage their acce
Best Practices to Thwart Business Email Compromise (BEC) Attacks

Best Practices to Thwart Business Email Compromise (BEC) Attacks

Jul 29, 2021
Business email compromise (BEC) refers to all types of email attacks that do not have payloads. Although there are numerous types, there are essentially two main mechanisms through which attackers penetrate organizations utilizing BEC techniques, spoofing and account take-over attacks. In a recent  study , 71% of organizations acknowledged they had seen a business email compromise (BEC) attack during the past year. Forty-three percent of organizations experienced a security incident in the last 12 months, with 35% stating that BEC/phishing attacks account for more than 50% of the incidents. The  FBI's Internet Crime Complaint Center  (IC3) reports that BEC scams were the most expensive of cyberattacks in 2020, with 19,369 complaints and adjusted losses of approximately $1.8 billion. Recent BEC attacks include spoofing attacks on Shark Tank Host Barbara Corcoran, who lost  $380,000 ; the Puerto Rican government attacks that amounted to $4 million, and Japanese media giant, Nikkei
How to Achieve the Best Risk-Based Alerting (Bye-Bye SIEM)

How to Achieve the Best Risk-Based Alerting (Bye-Bye SIEM)

Feb 19, 2024Network Detection and Response
Did you know that Network Detection and Response (NDR) has become the most effective technology to detect cyber threats? In contrast to SIEM, NDR offers adaptive cybersecurity with reduced false alerts and efficient threat response. Are you aware of  Network Detection and Response (NDR)  and how it's become the most effective technology to detect cyber threats?  NDR massively upgrades your security through risk-based alerting, prioritizing alerts based on the potential risk to your organization's systems and data. How? Well, NDR's real-time analysis, machine learning, and threat intelligence provide immediate detection, reducing alert fatigue and enabling better decision-making. In contrast to SIEM, NDR offers adaptive cybersecurity with reduced false positives and efficient threat response. Why Use Risk-Based Alerting? Risk-based alerting is an approach where security alerts and responses are prioritized based on the level of risk they pose to an organization's system
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