Is Email Security the Key to Reducing Cyber Claims?

April 30, 2024
The prevalence of digital communication in the business world has positioned email as an essential conduit for operations and transactions. However, this reliance has inevitably turned email into a significant vulnerability. The Coalition’s 2024 Cyber Claims Report reveals a telling statistic: over half of cyber insurance claims in 2023 arose from business email compromise (BEC) and funds transfer fraud (FTF). These figures underscore a glaring truth—email security is no longer just a component of a robust cybersecurity strategy, but perhaps its cornerstone.Robert Jones from Coalition points out that email has become an attractive target for cybercriminals aiming to intercept payment information. Through concerted efforts, the insurer managed to claw back $38 million from fraudulent transfers, an accomplishment highlighting the potency of proactive measures and the strategic importance of email defense. With BEC and FTF inflicting substantial financial losses, there is a strong argument for businesses to invest in advanced email security solutions.

The Risks Beyond Email

While enhancing email security is crucial, it isn’t the only frontline in the battle against cybercrime. Coalition’s report draws attention to vulnerabilities associated with certain internet-exposed devices, especially Cisco ASA and Fortinet devices. The usage of these devices seemed to significantly increase the risk of a cyber claim—up to five times higher for Cisco ASA users.Moreover, the unsecured use of remote desktop protocols has proven to be a gamble far too risky for businesses. The alarming 59% uptick in scans for open remote desktop protocols represents just one aspect of the broader risk landscape. The ever-increasing sophistication of threat actors, aided by AI tools, necessitates a comprehensive cybersecurity approach. Businesses that overlook these risks may find themselves facing a deluge of cyber incidents.

Towards a Secure Future

Email has become critical in the corporate sphere; conversely, it’s also turned into a major cyber vulnerability. In 2023, evidence from the Coalition’s Cyber Claims Report showed that over 50% of cyber insurance claims stemmed from business email compromise (BEC) and funds transfer fraud (FTF). These alarming statistics indicate that vigorous email security measures are paramount in any cybersecurity agenda.Representatives like Robert Jones from Coalition caution businesses about the heightened risk of cyberattacks aimed at payment interceptions via email. Their team’s ability to recover $38 million in wrongfully transferred funds showcases the power of active defense strategies. Considering the severe financial repercussions of BEC and FTF, the need for sophisticated email security systems in businesses is irrefutable and demands significant focus and investment.

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