Page 88 - Cyber Defense Magazine for August 2020

Looks Like Russian Hackers Are on An Email Scam Spree

By Tim Sadler, CEO, Tessian

In 2019, businesses lost a staggering $1.8bn because of Business Email Compromise (BEC). These
types of attacks, whereby a trusted relationship is compromised through email impersonation or email
account hacking, are becoming more common and also more successful. The reason? First, they are
easier and cost-effective to carry out, making such attack methods attractive and lucrative for
cybercriminals. Second, to improve the success rate of their scams, hackers are making it much more
difficult for their victims to detect that they are being targeted.

In fact, just recently, researchers identified a cybercriminal gang called Cosmic Lynx that has carried out
more than 200 BEC campaigns since July last year, in attempts to steal as much as $2.7m from Fortune
500 or Global 2000 companies. Believed to be the first reported case of a BEC gang operating from
Russia, the group delivers sophisticated and creative email campaigns that target senior executives,
tailoring their messages to discuss legitimate mergers and acquisitions.

Why Cosmic Lynx is cause for concern

BEC scams are not, traditionally, this group’s method of attack. However, as BEC offers a lucrative
opportunity to steal millions of dollars in just a few emails, it appears that this Russian cyber gang is
changing its tact.

Cyber Defense eMagazine – August 2020 Edition 88
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