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SUNNYVALE, Calif.--(BUSINESS WIRE)--Apr 11, 2023--
Armorblox, today released its second, annual 2023 Email Security Threat Report, which documents the rise in targeted attacks, a shift in trends across a broad range of attacks, and highlights the use of language to bypass existing email security controls. Armorblox’s threat research team compared threat data from 2022 to data collected from 2021’s report and found that Business Email Compromise (BEC) attacks have increased dramatically by 72% year-over-year. Armorblox continues to see high volumes of language-based and socially engineered attacks targeting organizations of all sizes and across industries, where language in the email is used to compromise a user’s trust. In other trends to watch, vendor compromise and fraud is rising as a new attack vector and graymail is wasting 27 hours of time for security teams each week.
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Business Email Compromise (BEC) attack strategies seen in 2022 (Graphic: Business Wire)
The Armorblox report is based on data gathered across more than 58,000 customer tenants, analyzing over 4 billion emails and stopping 800,000 threats every month.
Key findings in the report include:
Further, financial fraud attacks such as payroll, payment, and invoice fraud increased by 72% over 2022 and are expected to continue to rise in 2023 with banking turmoil in the headlines. With tools such as ChatGPT, in 2023 it is expected to see a significant increase in the total number of BEC emails that flood user mailboxes inside of organizations. With an increasing hybrid approach to work, more campaigns will rise that use work-from-home-related reasons to target employees.
“Based on threats analyzed by Armorblox across our customer base of over 58,000 organizations, we see over half of email attacks targeting critical business workflows aim to exfiltrate sensitive user data. These attacks often involve bad actors infiltrating legitimate business communications to alter sensitive business information, such as assigning new routing numbers for payment requests,” said DJ Sampath, co-founder and CEO of Armorblox. “These attacks use language as the primary attack vector to impersonate trusted SaaS applications, vendors, and VIPs. This only increases the critical need for organizations to augment native and legacy security layers with modern API-based solutions that use a broad set of deep learning algorithms, machine learning models, data science approaches, and natural language-based techniques to understand the content and context of communications, and protect against these targeted attacks.”
The Armorblox 2023 Email Security Threat Report presents the associated trends for targeted email attacks across the following threat types – vendor compromise, BEC, financial fraud, phishing attacks, impersonation attacks, account compromise, and graymail. The report uncovers the vulnerabilities in legacy email security filters, the sensitive user data at risk across compromised business workflows, and the gratuitous work security teams juggle in response to high volumes of graymail emails.
To learn more, download a copy of the 2023 Email Security Threat Reporthere.
About Armorblox
Armorblox secures enterprise communications over email and other cloud office applications with the power of Natural Language Understanding and GPT. The Armorblox platform connects over APIs and analyzes thousands of signals to understand the context of communications and protect people and data from compromise. Over 58,000 organizations use Armorblox to stop BEC and targeted phishing attacks, protect sensitive PII and PCI, and automate remediation of user-reported email threats. Armorblox was featured in the Gartner 2021 Market Guide for Email Security and Gartner 2022 Market Guide for Data Loss Prevention. Founded in 2017, Armorblox is headquartered in Sunnyvale, CA and backed by General Catalyst and Next47.
To learn more about Armorblox, visit www.armorblox.com.
All product and company names herein may be trademarks of their respective owners.
View source version on businesswire.com:https://www.businesswire.com/news/home/20230411005452/en/
CONTACT: Armorblox Contact
Lauryn Cash
lcash@armorblox.com
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: SOFTWARE NETWORKS INTERNET HARDWARE DATA MANAGEMENT TECHNOLOGY MOBILE/WIRELESS SECURITY
SOURCE: Armorblox
Copyright Business Wire 2023.
PUB: 04/11/2023 07:00 AM/DISC: 04/11/2023 07:01 AM
http://www.businesswire.com/news/home/20230411005452/en