business email compromise

Gold Galleon Hacking Group demonstrate BEC a still serious risk

Target: Companies with weaker security to financially gain

Attack Vector: Business email compromise (BEC) attack

Summary: Researchers have identified the hacking group behind numerous widescale business email compromise (BEC) attacks costing businesses millions of dollars since last year. They go by the name Gold Galleon and appear to be a Nigerian-based group of at least 20 cybercriminals. Attackers are taking advantage of some industry’s negligent security and their use of outdated software in order to prepare targeted emails with malicious attachments to compromise their victims. Despite these attacks being focused on the maritime industry the techniques and tools used are risk to all along with the security failings that have allowed these attacks to occur found spanning all industries.

Risk assessment summary:

This threat is assessed as 3e MODERATE. If successful, this BEC scam could be capable of stealing user credentials to cause financial loss for an organisation. It can impersonate the initially compromised victim, or someone in an address book, in order to further the exploit. BEC scams involve minimal technical knowledge, malware or special tools and so the Gold Galleon hacking group can become experts in this very quickly. However, BEC scams are highly targeted attacks and it can be unlikely they will attack companies with sufficient security systems and processes.

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