In the same year, Mimecast reported that impersonation attacks were the fastest growing email-based cyber attack causing victims to lose on average $180,000. The ACCC’s Scamwatch reveals that Australians reported over $4.7 million in losses caused by impersonation attacks in 2017, and estimates that 2,800 Australians were tricked into giving up personal information. Criminals typically pose as personnel in positions of authority and ask victims to perform money transfers, pay invoices, or to send the attacker sensitive data. The scheme involves cybercriminals mimicking business owners and executives through the use of phishing emails. A major cyber threat to Australian businesses is email-based impersonation scams targeting key personnel.
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