Abnormal Security recently released its bi-annual threat report Adversarial AI Attacker: Innovation Escalates Advanced Email Threats. It details how weaponized generative AI, easily accessible personal data, and hacking tools on the dark web are fueling a surge in business email compromise and vendor email compromise (i.e. supply chain) attacks.
According to the report, “Email remains the backbone of business communication, but its ubiquity and versatility make it an ideal target for cybercriminals. For decades, attackers have exploited its inherent vulnerabilities, continuously adapting their tactics to stay ahead of defenses.
“Legacy security tools, built for an earlier era of threats, struggle to stop today’s sophisticated attacks. Meanwhile, organizations relying on employees to spot threats are fighting a losing battle, as attackers craft malicious emails nearly indistinguishable from legitimate ones.
“Now, with AI fueling more deceptive, scalable attacks, the cyber arms race is escalating faster than ever. Some key findings from the report include:
- A 54 percent YOY increase in BEC attacks.
- An 88 percent likelihood of a BEC attack in any given week of 2024.
- Weekly VEC attack likelihoods are up to 70 percent – an increase of 10 percent from last year.
- Smaller organizations (less than 1,000 inboxes) saw the sharpest increase in BEC attacks—up 14 percent.
- Larger enterprises (50,000+ inboxes) now face a 98 percent weekly risk of at least one attack.
- Phishing remains the most common attack type, accounting for more than 76 percent of all advanced attacks.
- Another strategy cybercriminals employ is multichannel phishing. Unlike traditional phishing, which relies solely on email, these campaigns start in the inbox but quickly move to text messages, phone calls, or messaging apps like WhatsApp or Telegram.
- While BEC only accounts for a small percentage of overall advanced email attacks, it’s one of the most financially costly cybercrimes, causing $2.9 billion in losses in 2023 alone. It’s also becoming more prevalent as threat actors increasingly turn to emerging tools and dark web resources to streamline and scale their attacks.
The full report can be viewed by clicking here.