The total reported breaches captured in the San Diego-based Identity Theft Resource Center 2016 Breach Report hit 500 as of mid-year, about 20% higher than last year's record pace for the same period.
The sum of reported records exposed, as of June 28, totaled 12,777,337. However, that only tells part of the story. CEO spear phishing breaches continued to represent nearly one-third of the total breaches reported, according to the ITRC.
In April, the FBI warned about a dramatic increase in so-called CEO fraud email scams in which the attacker spoofs a CEO message and dupes someone at the organization into wiring funds to the fraudsters. The FBI estimated these scams cost organizations more than $2.3 billion in losses over the past three years.
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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.).
