As a business owner, you know that your data is essential to your success. But with the rise of cyber threats such as Classiscam, it’s more important than ever to protect your data from fraudsters..
In this blog post, we will discuss how Classiscam works and how you can protect your small business from these attacks. We will also discuss the importance of having a business continuity and disaster recovery (BCDR) strategy in place.
What is Classiscam?
Classiscam is a fraud as a service (FaaS) platform that allows cybercriminals to easily create and deploy sophisticated phishing attacks. The platform is modular, meaning that it can be customized to target specific organisations or industries. Classiscam also includes a number of features that make it easy for cybercriminals to launch successful phishing attacks, such as:
- A database of pre-made phishing templates
- A tool for generating realistic email addresses
- A system for tracking the success of phishing campaigns
How does Classiscam work?
Cybercriminals who want to use Classiscam first need to create an account on the platform. Once they have an account, they can select the type of phishing attack they want to launch. Classiscam then provides them with a template for the attack, as well as a list of potential targets. The cybercriminals can then customise the template and send the phishing emails to their targets.
Global economic impact of Classiscam
Classiscam is a fraud-as-a-service platform that allows cybercriminals to easily create and deploy phishing attacks. In the first half of 2023 alone, Classiscam groups targeted internet users in 79 countries worldwide, impersonating 251 unique brands from various industries.
The average fraudulent Classiscam transaction cost victims £280, and cybercriminals have made more than £50 million in total.
Europe was the most targeted region, with 384 individual schemes (62.2% of the global total).
The Middle East and Africa region was the second most targeted region, with 112 individual schemes (18.2% of the global total).
The Asia-Pacific region was the third most targeted region, with 80 Classiscam campaigns (13.0%).
UK economic impact of Classiscam
Internet users in the UK lost an average of £700 each to cybercriminals in Classiscam attacks. This is the highest average loss of any country.
Luxembourg (£668 per transaction), Italy (£610), and Denmark (£575) were the next three countries with the highest average losses.
The UK is a popular target for Classiscam attacks because it has a large and affluent population with a high level of internet usage. Additionally, the UK has a strong financial sector, which makes it a lucrative target for cybercriminals.
How to protect your business from Classiscam attacks:
There are a few things you can do to protect your small business from Classiscam attacks:
- Educate your employees about phishing attacks. Make sure your employees know how to identify phishing emails and avoid clicking on links or opening attachments.
- Use a security solution that includes anti-phishing protection. A security solution with anti-phishing protection can help to detect and block phishing emails before they reach your employees.
- Keep your software up to date. Software updates often include security patches that can help to protect your systems from vulnerabilities that cybercriminals can exploit.
- Be careful about what information you share online. Don’t share sensitive information, such as your passwords or credit card numbers, on public websites or social media.
- Use strong passwords and two-factor authentication. Strong passwords and two-factor authentication can help to protect your accounts from unauthorized access.
- Have a BCDR strategy in place. A BCDR strategy can help you recover from a Classiscam attack or other disaster.
The importance of having a BCDR strategy:
A business continuity and disaster recovery (BCDR) strategy is a plan that outlines how your organization will continue to operate in the event of a disaster. This could be a natural disaster, such as a hurricane or flood, or a cyberattack. A BCDR strategy should include the following elements:
- A plan for identifying and mitigating risks. This includes identifying the potential threats that your organization faces and taking steps to reduce the likelihood of them occurring.
- A plan for keeping your data safe. This includes backing up your data regularly and storing it in a secure location.
- A plan for restoring your IT systems and operations. This includes having a plan for how you will get your systems back up and running in the event of a disaster.
- A plan for communicating with your employees, customers, and partners. This includes having a plan for how you will communicate with your stakeholders in the event of a disaster.
It is important to test your BCDR strategy regularly to make sure that it is effective. This includes testing your backup procedures, your recovery procedures, and your communication plan. By having a tested BCDR strategy in place, you can help to protect your organization from the financial and reputational damage that can result from a disaster.
By following the tips in this blog post, you can help to protect your business from Classiscam attacks and other cyber threats. Speak to the team at Bondgate IT today and see how we can help you and your business stay safe.