Business email compromise scams dominate Q3 2024 threats

VIPRE Security Group has published its Q3 2024 Email Threat Trends Report, revealing significant developments in cybercriminal strategies with a primary focus on business email compromise (BEC).

The analysis involved processing 1.8 billion emails globally, uncovering that 208 million were malicious. Of these, BEC scams accounted for 58% of phishing attempts and heavily relied on impersonating authority figures such as CEOs and IT staff, representing 89% of these attacks.

BEC attacks targeting the manufacturing sector showed a notable rise, increasing from 2% in Q1 to 10% in Q3 2024. This surge may be linked to the industry's extensive use of mobile sign-ins, making employees more vulnerable to phishing while managing their tasks remotely under production pressures.

Email scams, commercial spam, and phishing threats comprised the bulk of email threats, making up 34%, 30%, and 20% respectively. This emphasis on non-malware tactics highlights a shift, with ransomware and malware accounting for less than 20% of all email incidents.

Cleverly disguised attachments are a growing concern. Attackers are employing techniques such as masquerading harmful attachments as voicemail recordings or critical updates. Notably, Microsoft PDFs and .DOCX files are common vectors for malicious attachments, which increased by 30% from the previous quarter.

Cybercriminals continue utilising URL redirection, a tactic dominating 52% of these attacks in Q3, redirecting users from seemingly benign URLs in emails to fraudulent, well-crafted websites designed to steal information.

The shift in malspam tactics from a preference for links to attachments is observed, with 64% of attacks now using attachments like LNK, ZIP, and DOCX, while only 36% relied on malicious links.

Redline emerged again as the leading malware family, maintaining its top position since the corresponding quarter in 2023. RedLine targets sensitive information from web browsers through phishing or malicious sites, posing ongoing threats to compromised systems.

Usman Choudhary, Chief Product and Technology Officer at VIPRE Security Group, emphasised the report's findings. "The findings of this report yet again illustrate the sophistication of criminal tactics. BEC email and phishing attacks are becoming more targeted and convincing," he said. "Additionally, malware distribution through malicious spam campaigns continues to pose a serious threat to organisations. These findings stress the critical need for robust cybersecurity measures and ongoing employee education to combat these evolving threats, especially as bad actors gear up for the upcoming holiday season."

VIPRE Security Group provides insights to help organisations defend against cyber threats, relying on its extensive expertise in email security and proprietary intelligence.