How do cybercriminals decide on the best targets?

The financial services industry is under attack. Finserv companies experienced a 147% increase in phishing clicks between January and September 2019 from scammers imitating financial organizations. 

These alarming facts are from a study by Palo Alto, Calif.-based Menlo Security, which provides cloud data protection. The study also showed an uptick in financial services employees clicking on phishing links. Oone particular attack in May prompted the click rate among Menlo’s customers to increase by 274%. 

“Given the data refers to actual clicks rather than phishing emails received, this means that the attack bypassed all existing security defenses, landed in an inbox and was clicked by an employee—basically a worst case scenario,” Vinay Pidathala, director of security research at Menlo Security, said in a blog post announcing the research results.

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Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).

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