As traditional phishing attacks become less effective due to organizations’ stronger internal controls, cybercriminals are turning to targeted business email compromise attacks.
For these criminals, it’s all about securing credentials, according to John Moeller and Randy Romes, both cybersecurity principals at CliftonLarsonAllen.
The stakes are high: The average financial institution cybersecurity breach takes 177 days to identify and 56 days to contain, and costs nearly $6 million, according to the IBM Security Cost of a Data Breach Report 2021.
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