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Cybercriminals are launching attacks against enterprises over social media

Social media
(Image credit: Image Credit: Easy Camera / Shutterstock)

Social media is an important channel of communication between enterprises and their customers, and cybercriminals are taking advantage.

A new report, published by digital risk protection solutions provider PhishLabs, claims the number of attacks conducted via social media rose by 47 percent through the first half of the year.

Based on an analysis of hundreds of thousands of phishing and social media attacks targeting enterprises, the report says the average business has experienced approximately 34 attacks on social media per month since the turn of the year. However, more recently this number has risen closer to 50.

Overall, there has been a 22 percent increase in the volume of phishing attacks in the first half of 2021, compared to the same period last year, PhishLabs claims. The volume dropped hard in June for the first time in six months, leaving researchers wondering whether we’ll witness a trend reversal, or if the criminals simply took a summer vacation. 

Of all the different categories, crypto is of particular interest to criminals, it was said in the report. The sector experienced an increase in phishing attacks ten times the size, compared to the previous quarter this year. A combination of brand, executive, and employee impersonation attacks accounted for more than half (54.7 percent) of all social media attacks against the cryptocurrency sector, it was said.