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FBI internet crime report 2021 with dark blue ALERT next to it

FBI IC3 Report, Russian Cyberattacks Put Companies on High Alert

The FBI’s Internet Crime Complaint Center (IC3) 2021 report released in March highlighted an “unprecedented increase in cyberattacks and malicious cyber activity” resulting in a dramatic escalation in financial losses.

In 2021, IC3 received 847,376 complaints from consumers and businesses – a 7% increase from 2020 – with potential losses exceeding $6.9 billion. Most significantly for the title insurance industry, business email compromise (BEC) schemes resulted in losses of nearly $2.4 billion, up 33% from 2020.

In its report, the IC3 identified Russia as a hot spot for cyberattack actors in 2021. In recent weeks, the risk of those cyberattacks has grown exponentially in retaliation for the many sanctions imposed on Russia following its invasion of Ukraine on Feb. 24.

On March 21, President Biden released a statement highlighting the imminent threat to our nation’s cybersecurity. That same day, Deputy National Security Advisor Anne Neuberger said in a press briefing, “We’ve previously warned about the potential for Russia to conduct cyberattacks against the United States, including as a response to the unprecedented economic costs that the U.S. and allies and partners imposed in response to Russia’s further invasion of Ukraine. Today, we are reiterating those warnings, and we’re doing so based on evolving threat intelligence that the Russian government is exploring options for potential cyberattacks on critical infrastructure in the United States.”

These imminent threats are a reminder of how important it is to take the necessary steps to protect your agency and your customers.

Alliant National has just released a white paper titled Escrow Fraud/Social Engineering: Recent Schemes and Prevention Tips to provide our agents with information, risk factors and protocols that will help you partner with consumers, real estate agents and lenders to defend against the fraudsters.

In addition, the Biden Administration released a Fact Sheet, urging companies to take immediate steps to protect their systems, including:

  • Mandate the use of multi-factor authentication on your systems to make it harder for attackers to get onto your system
  • Deploy modern security tools on your computers and devices to continuously look for and mitigate threats
  • Check with your cybersecurity professionals to make sure that your systems are patched and protected against all known vulnerabilities
  • Change passwords across your networks so that previously stolen credentials are useless to malicious actors
  • Back up your data and ensure you have offline backups beyond the reach of malicious actors
  • Run exercises and drill your emergency plans so that you are prepared to respond quickly to minimize the impact of any attack
  • Encrypt your data so it cannot be used if it is stolen
  • Educate your employees on common tactics that attackers will use over email or through websites
  • Encourage employees to report if their computers or phones have shown unusual behavior, such as unusual crashes or operating very slowly
  • Engage proactively with your local FBI field office or CISA Regional Office to establish relationships in advance of any cyber incidents

The Biden Administration also encourages IT and security leaders at all companies to visit the websites of CISA and the FBI to access technical information and other useful resources. These heightened threats represent a clear and present danger for all of us. We encourage all of our agents to download the Alliant National Escrow Fraud/Social Engineering today and share this information with your staff and customers.

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Download the Alliant National Escrow Fraud/Social Engineering

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This blog contains general information only, not intended to be relied upon as, nor a substitute for, specific professional advice. We accept no responsibility for loss occasioned to any purpose acting on or refraining from action as a result of any material on this blog.

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