Common Threats

What Is a Man-in-the-Middle Attack? (BEC)

A Man-in-the-Middle (MITM) attack is a type of cyberattack where an attacker intercepts communications between two parties to steal or manipulate data. By positioning themselves as the "middleman," the attacker gains access to sensitive information, including login credentials and financial details. To combat these threats and safeguard private data, organizations must implement a comprehensive cybersecurity risk management strategy.

HIGH COURT OF SOUTH AFRICA GAUTENG DIVISION, JOHANNEBURG CASE NO_ 13849_2020
The judgment deals with the vexed question of whether or not to impose liability for pure economic loss sustained by the plaintiff who fell victim to cyber- crime through business email compromise (‘BEC’) as a result of the defendant’s negligent omission to forewarn the plaintiff of the known risks of BEC and to take the necessary safety precautions that are designed to safeguard against the risk of harm occasioned by BEC from eventuating. 

How Do Man-in-the-Middle Attacks Work?

Man-in-the-middle attacks occur when an attacker intercepts the communication between two parties, with the intention of stealing content within or manipulating the communication. During a MITM attack, the attacker can eavesdrop on the communication between the two parties and manipulate the data being transmitted without either party knowing. The attacker typically inserts themselves between the two parties by exploiting vulnerabilities in the network or by tricking one of the parties into installing malware. This type of attack is commonly used to steal sensitive information such as login credentials or financial data. Understanding how MITM attacks function is crucial for organizations to protect themselves from this type of cyber threat.

72% of small businesses only purchased cyber insurance after experiencing a cyberattack or hearing about it. 

Many small businesses consider cyber insurance optional compared to other types of business insurance, such as general commercial liability or workers’ compensation. However, the reality is that experiencing a cyberattack can be a major catalyst for businesses to seek out cyber coverage. It’s essential to recognize that protecting against cyber threats is just as important as safeguarding against other risks. 

What Are the Consequences of Man-in-the-Middle Attacks?

The consequences of Man-in-the-Middle (MITM) attacks can be extensive and severe. Once attackers intercept the information exchanged between two parties, they can manipulate that connection or exploit the shared data for malicious purposes, leading to significant repercussions and losses for individuals and organizations alike.

The most common consequence is:

Loss of Sensitive Information.

If a Man-in-the-Middle (MITM) attack is successful, the attacker can intercept and steal sensitive information. This can encompass usernames and passwords, personally identifiable information (PII), protected health information (PHI), financial data, customer information, intellectual property, and more. The impact of such breaches can be profound and far-reaching.

Cybercrime is projected to cost companies worldwide $10.5 trillion annually by 2025. So, if you’re a business owner or CISO, it’s more important now than ever to be aware of the latest cyberattack statistics, understands their impact on different industries, and know how to protect your organization from these threats.

How many Cyber attacks per day?