WHITEHOUSE STATION, N.J., Dec. 10, 2020 /PRNewswire/ -- Chubb has released a new whitepaper outlining how cyber criminals have evolved their deceptive practices around email cyber crimes, including the use of Business Email Compromise (BEC). The paper, "Email: Is the Digital Door Propped Open for Identity Hijackers?," explores how BEC works, why it is successful, and the importance of using multi-factor authentication as a safeguard.
Co-authored by Chubb and Microsoft, the whitepaper provides ways in which businesses can block these increasingly complex attacks.
"BEC attacks serve as a prime example of how cyber crime is quickly evolving," said Patrick Thielen, Senior Vice President, Chubb North America Financial Lines. "As employees become savvier about not clicking on unfamiliar links or downloading unknown attachments, cyber criminals are just as quickly pivoting to different means—hijacking email accounts and impersonating executives. These sophisticated fraud schemes often result in employees erroneously transferring money to criminals under the auspices of their bosses' supposed directions."
According to the authors, multi-factor authentication is a critical tool to help deter such fraud, as bad actors often access email accounts through weak passwords. An additional layer of defense or proof of identity can help ensure those individuals accessing email accounts or other sensitive company assets are who they say they are.
"Data suggests that implementing multi-factor authentication can help to significantly reduce the risk of email compromise," shared Christopher Arehart, Senior Vice President, Chubb North America Financial Lines. "Whether using a pin, biometric data, or tools like an authentication app, multi-factor authentication is easy to implement and can help close the digital door on cyber criminals."
"The old saw of an ounce of prevention being worth more than a pound of cure remains true in the cyber world," said Joram Borenstein, General Manager, Modern Work and Security Partnerships, Microsoft. "By layering authentication across multiple factors, consumers and employers make it harder for criminals to breach defenses and get at your business and personal data."
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 33,000 people worldwide. Additional information can be found at: www.chubb.com.