SpyCloud, the account takeover prevention company and world leader in recovering stolen data, today announced a new partnership with the leading regional value-added distributor to prevent and fight account takeover (ATO) attacks against businesses and government agencies in the Middle East.
Through the partnership with SpyCloud, Spire Solutions aims to alert organizations in the Middle East about their vulnerability to ATO. Currently, the companies are offering a free consultative investigation and report on the risk of ATO, including particular risks to C-level executives.
“No organization is immune from the threat of account takeovers that can cost millions of dollars and untold hours of time to address,” said Rami Refaat, Threat Intelligence Consultant at Spire Solutions. “SpyCloud’s expertise and ability to fight these nefarious attacks are unmatched in the market. Their access to more than 100 billion recovered breached assets ensures we will be able to help organizations protect themselves like never before.”
Criminals routinely use account credentials exposed in third-party security breaches to take over accounts to perpetrate fraud, steal intellectual property, and damage organizations’ reputations. These threat actors take advantage of the human tendency to use weak passwords and reuse them across multiple sites, so when they acquire credentials from a breach, they use them to break into more valuable financial and email accounts.
They seek out executives and other high-profile or wealthy individuals and attempt to bypass multi-factor authentication through phishing, social engineering, and SIM-swapping techniques. Other accounts will be used for credential stuffing attacks, which are large-scale campaigns to test username and password combinations across thousands of websites using inexpensive, widely available automated tools and techniques.
These attacks, which can go on for years, cost businesses more than $17.2 billion per year, in addition to consumers’ own costs in recovering money stolen from bank accounts or dealing with credit card fraud.
“As we’ve seen over and over again, these threat actors don’t care about geographic borders,” said Neill Cooper, Director of Sales, EMEA at SpyCloud. “They don’t care about anything but going where the money and valuable data are and using any means necessary to access them. We’re honored to partner with Spire to help government agencies and businesses in the Middle East protect themselves.”
