Artificial Intelligence
Sykes Enterprises, Incorporated to be Acquired by Sitel Group® in All-Cash Transaction
–31.2% premium for SYKES stockholders
–Highly complementary combination to create a leading global CX offering with a wide breadth and depth of services, strong client relationships and considerable opportunities for employees worldwide
–Transaction was unanimously approved by both companies’ Boards of Directors
TAMPA, Fla., June 18, 2021 (GLOBE NEWSWIRE) — Sykes Enterprises, Incorporated (“SYKES” or the “Company”) (NASDAQ: SYKE), a leading full life cycle provider of global customer experience management services, multichannel demand generation and digital transformation, and Sitel Group®, a leading global provider of customer experience (CX) products and solutions, today announced they have entered into a definitive merger agreement in which Sitel Group, through a wholly owned subsidiary, will acquire all of SYKES’ outstanding shares of common stock at a purchase price of $54 per share in a transaction valued at approximately $2.2 billion on a fully diluted basis. The purchase price represents a premium of 31.2% over SYKES’ closing price on June 17, 2021, and a premium of 29.1% over the 30-day volume-weighted average price of SYKES’ common stock.
President and Chief Executive Officer of the Company Chuck Sykes stated, “This combination marks a major milestone in our 40-plus year operating history. Thanks to the hard work of our team members, this transaction validates the execution of our vision, strategy, our differentiated full lifecycle business model and promises immediate and certain value for our stockholders at an attractive premium. As we embark on the next phase of our journey, there is an opportunity to take the business to historic heights with a proven partner with similar culture and values. In Sitel Group, I am confident that we have a valuable partner with a solid heritage of deep industry knowledge and experience, solid industry reputation, a shared vision and a people-first culture to better serve customers.”
“The strategic rationale driving this combination is solid,” said Laurent Uberti, President and Chief Executive Officer of Sitel Group. “By joining forces with such a healthy, profitable and financially solid U.S. brand that also has a stellar reputation, we will further enhance our global reach. With this combination, we will be a more competitive BPO player with a wide range of CX products and solutions, leveraging EXP+™, the Enterprise Experience Platform from Sitel Group, especially with the addition of SYKES’ CX solutions in digital, social media and robotic process automation (RPA), through their suite of digital transformation capabilities such as Clearlink and Symphony. By combining the two companies, our expanded geographic footprint, multi-shore solutions and greater capacity to serve customers will make us better equipped to help our customers navigate the rapid changes within the sector together. We began this journey more than 25 years ago and our entrepreneurial mindset still guides us, along with our talented people around the world and our people-centric values. We are excited about our future and continuing our story with best-in-class CX delivery for our customers and a greater employee experience for our combined 155,000 people. We have tremendous respect for Chuck Sykes and the business he and his family have built and all they have accomplished.”
The proposed transaction is not subject to a financing condition, is expected to be completed in the second half of 2021 and is subject to the approval of SYKES’ shareholders and customary closing conditions, including expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other regulatory clearances. Upon the closing of the transaction, which was approved unanimously by the Company’s Board of Directors, SYKES will become a privately-held company and its shares will cease trading on Nasdaq.
“On behalf of the SYKES board of directors, this transaction delivers significant and immediate value to our shareholders. We followed a disciplined process in forming a special transaction committee of the Board of Directors, which was chaired by independent director Carlos Evans, to facilitate the Board of Directors’ evaluation of strategic alternatives. After a thorough analysis, in concert with our advisors, the special transaction committee and the Company’s Board of Directors determined that this transaction is in the best interests of SYKES and its shareholders,” commented James S. MacLeod, SYKES’ Chairman of the Board of Directors.
Advisors
Goldman Sachs & Co. LLC served as exclusive financial advisor and Shumaker, Loop & Kendrick, LLP served as legal counsel to SYKES. The special transaction committee of the Board of Directors of SYKES was advised by Ballard Spahr LLP. Lazard Freres SAS served as financial advisor and Freshfields Bruckhaus Deringer US LLP served as legal counsel to Sitel Group. Committed debt financing has been provided by BNP Paribas to Sitel Group.
About Sykes Enterprises, Incorporated
Sykes Enterprises, Incorporated and consolidated subsidiaries (“SYKES” or the “Company”) is a leading full lifecycle provider of global customer experience management services, multichannel demand generation and digital transformation. SYKES provides differentiated full lifecycle customer experience management solutions and services primarily to Global 2000 companies and their end customers principally in the financial services, technology, communications, transportation & leisure and healthcare industries. The Company’s differentiated full lifecycle services platform effectively engages customers at every touchpoint within the customer journey, including digital media and acquisition, sales expertise, customer service, technical support and retention, many of which can be optimized through a suite of digital transformation capabilities under its SYKES Digital Services (“SDS”) group, which spans robotic process automation (“RPA”), self-service, insight analytics and digital learning. In addition to digital transformation, SYKES also provides artificial intelligence (“AI”) solutions that can be embedded and leveraged across its lifecycle offerings. The Company serves its clients through two geographic operating regions: the Americas (United States, Canada, Latin America, Australia and the Asia Pacific Rim) and EMEA (Europe, the Middle East and Africa). The Company’s Americas and EMEA regions primarily provide customer management solutions and services with an emphasis on inbound multichannel demand generation, customer service and technical support to its clients’ customers. These services are delivered through multiple communication channels including phone, e-mail, social media, text messaging, chat and digital self-service. The Company also provides various enterprise support services in the United States that include services for its clients’ internal support operations, from technical staffing services to outsourced corporate help desk services. In Europe, the Company also provide fulfillment services, which include order processing, payment processing, inventory control, product delivery and product returns handling. Additionally, through the Company’s acquisition of RPA provider Symphony Ventures Ltd (“Symphony”) coupled with its investment in AI through XSell Technologies, Inc. (“XSell”), the Company also provides a suite of digital transformation capabilities that optimizes its differentiated full lifecycle management services platform. The Company’s complete service offering helps its clients acquire, retain and increase the lifetime value of their customer relationships. The Company has developed an extensive global reach with customer experience management centers across six continents, including North America, South America, Europe, Asia, Australia and Africa. The Company delivers cost-effective solutions that generate demand, enhance the customer service experience, promote stronger brand loyalty, and bring about high levels of performance and profitability. For additional information please visit www.sykes.com.
About Sitel Group®
As a leading global provider of customer experience (CX) products and solutions, Sitel Group® empowers brands to build stronger relationships with their customers by creating meaningful connections that boost brand value. Inspired by each brands’ unique vision and goals, we ask “what if?” applying our expertise to create innovative solutions that reduce customer effort. With 100,000 people around the globe – working from home or from one of our CX hubs – we securely connect best-loved brands with their customers over 4.5 million times every day in 50+ languages. Whether digital or voice-based, our solutions deliver a competitive edge across all customer touchpoints. Our award-winning culture is built on 35+ years of industry-leading experience and commitment to improving the employee experience. EXP+™ from Sitel Group is a flexible solution with complete cloud capability, designed to simplify the delivery of end-to-end CX services, while boosting efficiency, effectiveness and customer satisfaction. EXP+ creates a robust ecosystem by harnessing the power of four connected product families: Empower, Engage, Explore and Evolve. Learn more at www.sitel.com and connect with us on Facebook, LinkedIn and Twitter.
Additional Information Regarding the Merger and Where to Find It
This communication does not constitute an offer to sell or the solicitation of an offer to buy the securities of Sykes Enterprises, Incorporated (the “Company”) or the solicitation of any vote or approval. This communication relates to the proposed merger involving the Company and a wholly-owned subsidiary of Sitel Group (the “proposed merger”). The proposed merger will be submitted to the shareholders of the Company for their consideration at a special meeting of the shareholders. In connection therewith, the Company intends to file relevant materials with the Securities and Exchange Commission (“SEC”), including a definitive proxy statement on Schedule 14A (the “definitive proxy statement”), which will be mailed or otherwise disseminated to the Company’s shareholders when it becomes available. The Company may also file other relevant documents with the SEC regarding the proposed merger. SHAREHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. Shareholders may obtain free copies of the definitive proxy statement, any amendments or supplements thereto and other documents containing important information about the Company, once such documents are filed with the SEC, through the website maintained by the SEC at www.sec.gov. Free copies of the definitive proxy statement and any other documents filed with the SEC can also be obtained on the Company’s website at https://investor.sykes.com/company/investors/investor-relations-home/default.aspx or by contacting the Company’s Investor Relations Department at [email protected].
Certain Information Regarding Participants in the Solicitation
The Company and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the proposed merger. Information regarding the Company’s directors and executive officers is contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the SEC on February 26, 2021, and its definitive proxy statement on Schedule 14A for the 2021 annual meeting of shareholders, filed with the SEC on April 16, 2021, as modified or supplemented by any Form 3 or Form 4 filed with the SEC since the date of such definitive proxy statement. Additional information regarding the participants in the proxy solicitation and a description of their direct or indirect interests, by security holdings or otherwise, will be included in the definitive proxy statement and other relevant documents filed with the SEC regarding the proposed merger, if and when they become available. Free copies of these materials may be obtained as described in the preceding paragraph.
Forward-Looking Statements
Certain information contained in this Communication constitutes “forward-looking statements.” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements regarding possible or assumed future results of operations of SYKES, the expected completion and timing of the proposed merger and other information relating to the proposed merger. Without limiting the foregoing, the words “believes,” “anticipates,” “plans,” “expects,” “intends,” “forecasts,” “should,” “estimates,” “contemplate,” “future,” “goal,” “potential,” “predict,” “project,” “projection,” “may,” “will,” “could,” “should,” “would,” “assuming” and other words or expressions of similar meaning or import are intended to identify forward-looking statements. Such forward-looking statement are inherently uncertain, and shareholders and other potential investors must recognize that actual results may differ materially from SYKES’ expectations as a result of a variety of factors. Forward-looking statements are based upon management’s current expectations and include known and unknown risks, uncertainties and other factors, many of which SYKES is unable to predict or control and which may cause SYKES’ actual results, performance, or plans to differ materially from any future results, performance or plans expressed or implied by such forward-looking statements in relation to the proposed merger. SYKES disclaims any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments. Risks and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements and as it relates to the proposed merger include, but are not limited to:
– the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, including those circumstances in which the Company would be required to pay a termination fee;
– the failure of the parties to satisfy conditions precedent to the completion of the proposed merger, including the failure to obtain the requires approvals of SYKES’ shareholders for the proposed merger or the transaction parties’ failure to obtain necessary regulatory approvals;
– the later existence of any unanticipated difficulties or expenses related to the proposed merger, including the disruption of any existing plans or any impact on employee retention following the announcement of the proposed merger;
– the risk that regulatory or other approvals are delayed or are subject to terms and conditions not otherwise anticipated, or that the proposed merger may not be otherwise completed in a timely manner or at all;
– the impact of any response to the announcement and pendency of the merger by customers, business partners, service providers or other government regulators;
– the commencement of any legal proceedings or the entry of any judgments or settlements, including any lawsuits that may be filed against the Company, its board of directors, executive officers or other individuals following the announcement of the proposed merger; and
– and the risks, uncertainties, and other factors detailed from time to time in SYKES’ Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as filed or furnished with the Securities and Exchange Commission.
SYKES assumes no obligation to update any forward-looking statement contained in this communication.
SYKES investor contact:
Subhaash Kumar
Sykes Enterprises, Inc.
(813) 233-7143
[email protected]
SYKES media contact:
Jesse Himsworth
Sykes Enterprises, Inc.
(801) 874-9390
[email protected]
Artificial Intelligence
Car as a Connected Living Ecosystem worth USD 1.5 trillion by 2035 | MarketsandMarkets
CHICAGO, May 9, 2024 /PRNewswire/ — Car as a Connected Living Ecosystem is estimated to grow from USD 8 billion in 2023 to more than USD 1.5 trillion by 2035 at the CAGR of 54.5%. according to a new report by MarketsandMarkets. Factors such as technology developments and advanced connectivity levels across automotive OEMs and customer perceptions & service expectations from connected cars are driving the growth of the car as a connected living ecosystem market. Customers, especially the GenZ customers and customers paying a premium for the advanced connectivity, expect to see a range of connected features such as advanced safety, remote vehicle features, security, car-home connectivity, and EV & energy management services. Almost all OEMs such as Mercedes Benz, BMW, Stellantis, VW and others are aggressively focused on the connected car market to earn new revenue streams.
Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=32781103
Car as a Connected Living Ecosystem Scope:
Report Coverage
Details
Market Revenue in 2023
USD 8 billion
Estimated Value by 2035
USD 1.5 trillion
Growth Rate
Poised to grow at a CAGR of 54.5%
Market Size Available for
2023–2035
Forecast Period
2024–2035
Forecast Units
Value (USD Billion – Trillion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Connected Living (through the car) Market by Segments – In-car connectivity, Connected Energy, Connected Aftermarket, Connected Health, and other
Geographies Covered
Global
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Greenfield Market
Key Market Drivers
Advanced Technologies & Customer Propensity to Adopt
The car is emerging as the new smartphone.
Connected cars have moved beyond being data generating machines for fleet management and safety compliance. Connected cars have emerged as the golden goose for automakers, with its ability to drive continuous revenues across lifetime. The cars are capable of performing almost any function that is offered by our smartphones today and even more, offering comprehensive connected living solutions at the touch of a button. The cars can remotely unlock, drive and navigate themselves, save themselves from potential hazards and security threats, manage energy requirements, offer in-car marketplaces with integrated payment platforms, entertain passengers, take care of their health and homes, manage work diaries, civil responsibilities, and can integrate the physical and virtual realm.
The In-Car Connectivity segment is expected to dominate the digital connected living services market.
There services are expected to be available to customers at an annual cost of $1,600 by 2035. Over the next decade, OEMs must identify their connectivity and subscription revenue strategy – in-car experience is expected to earn the lion’s share of revenue at 87% with health, energy, and aftermarket developing as formidable segments. However, the key challenge is to strike the right balance between subscription costs and customer willingness to pay.
The wider ecosystem of connected car offers further growth potential.
OEMs stand to gain further through developing competencies in the wider automotive ecosystem such as energy management services and connected insurance. Tesla, Hyundai, GM, and Ford are not just selling EVs but the entire spectrum of services such as renewable energy generation, energy storage, and V2G technology, required for energy independence. Tesla, GM, and JLR are leveraging connected vehicle data to offer connected insurance services underwritten by insurance companies. A third revenue stream is data monetization partnerships with various stakeholders such as cities, automotive workshops, and others. Several other revenue streams could emerge from a single connected car.
From being able to communicate with drivers, offering AR based driver assist and autonomous driving systems and automatically managed maintenance systems, to managing energy services, insurance and healthcare through the car’s ecosystem. 6G connectivity, V2X technology, and VR repair and maintenance will change the way customers experience the car.
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Key Market Players of Car as a Connected Living Ecosystem Industry:
Major players in the Car as a Connected Living include Mercedez Benz (Germany), BMW (Germany), VW (Germany), Stellantis (Netherlands), Hyundai (South Korea), Toyota (Japan), GM (USA), Ford (USA), Nio (China), Xpeng (China). All OEMs offer vary levels of connectivity solutions through the car.
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Car as a Connected Living Ecosystem Industry Recent Developments:
In January 2024, Mercedes Benz unveiled its AI powered MBUX Virtual Assistant.In January 2024, Stellantis acquired Artificial Intelligence Technologies and IP from CloudMade for advanced connectivity features.In January 2024, GM introduced OnStar connectivity features in Saudi Arabia.Car as a Connected Living Ecosystem Size – Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the connected living solutions.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities. This report provides insights on:
Analysis of key drivers (advanced technologies, customer propensity to adopt), restraints (cost of technology development), challenges (undertaking strategic partnerships), and opportunities (first mover advantage).Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the connected living space.Market Development: Comprehensive information about lucrative markets – the report analyses the future of connected living solutions through the car.Market Diversification: Exhaustive information about new products & services, recent developments, and investments in the connected living space.Competitive Assessment: Competitor benchmarking to understand ket industry connected living service offerings.Get access to the latest updates on Car as a Connected Living Ecosystem Industry Growth
Related Reports:
Connected Car Market – Global Forecast to 2026
India Connected Car Market – Forecast to 2025
Connected Rail Market – Global forecast to 2027
Connected Motorcycle Market – Global Forecast to 2027
About MarketsandMarkets™:
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
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Artificial Intelligence
Infosys and Formula E Strike New Partnership to Enable Next-Gen Fan Experiences Powered by AI and Digital Innovations
This multi-year technology association will provide in-race insights, fan engagement, and sustainability solutions for the world’s first all-electric motorsport
BENGALURU, India, May 9, 2024 /PRNewswire/ — Infosys (NSE : INFY), (BSE: INFY), (NYSE: INFY), a global leader in next-generation digital services and consulting, today announced a strategic three-year partnership with the ABB FIA Formula E World Championship, the global motorsport championship for electric cars, as its official Digital Innovation Partner. Through this collaboration, Infosys will provide in-race analytics, unlock fan engagement experiences, and enhance sustainability reporting and tracking for the Formula E championship.
The partnership between Infosys and Formula E will focus on three core areas: fan growth, technology innovation, and continued environmental stewardship.
Creating a new Fan Customer Data Platform: With the aim of engaging 500 million fans by 2030, Infosys will help build an AI-powered Fan Customer Data Platform for Formula E to unlock deep fan engagement and personalization opportunities, allowing Formula E to better serve its growing global fan base.In-race insights and Driver Statistics: Leveraging Infosys Topaz, an AI-first suite of offerings using generative AI technologies, the collaboration aims to provide real-time insights and real time driver statistics during races, enhancing the overall viewing experience for fans.An enhanced sustainability data management tool: With the objective of playing a pivotal role in supporting Formula E’s carbon reduction target of 45% by 2030, Infosys will work to transform the sport’s carbon reporting capabilities by using AI to improve accuracy, reliability, and traceability of data collection, and setting new standards in sustainability assessments for the championship.Jeff Dodds, Chief Executive Officer, Formula E, said, “Infosys’ expertise in cutting-edge technologies makes them the ideal partner to help us drive the future of electric motorsport. We are excited to work with them to deliver exceptional experiences for our global fan base and further strengthen Formula E’s position as a leader in sustainable, digital-first sports. Infosys’ commitment to sustainability and innovation aligns perfectly with our vision, and we are confident that this collaboration will unlock new avenues in our key focus areas.”
Sumit Virmani, EVP & Global Chief Marketing Officer, Infosys, said, “Infosys has built and nurtured several strategic sports collaborations globally. We are now delighted to partner with Formula E, a visionary motorsport series, that shares our passion for sustainability and AI-led innovation. This strategic collaboration will showcase our AI, digital, and analytics prowess, elevating the fan experience, while enhancing Formula E’s sustainability goals. Together, we aim to redefine the possibilities in electric motorsport.”
As a brand, Infosys has been successfully associated with the global tennis ecosystem for nine years through strong partnerships with Roland-Garros, Australian Open, ATP, and the International Tennis Hall of Fame. In addition, we continue to accelerate brand momentum through our collaboration with the Madison Square Garden, including key MSG properties New York Knicks, New York Rangers, and the Madison Square Garden Arena. Through all these partnerships, Infosys has successfully demonstrated how it brings to life the benefits of AI into sports.
About Formula E and the ABB FIA Formula E World Championship
As the world’s first all-electric FIA World Championship and the only sport certified net zero carbon since inception, the ABB FIA Formula E World Championship brings dramatic racing to the heart of some of the world’s most iconic cities providing an elite motorsport platform for the world’s leading automotive manufacturers to accelerate electric vehicle innovation.
The Formula E network of teams, manufacturers, partners, broadcasters, and host cities are united by a passion for the sport and belief in its potential to accelerate sustainable human progress and create a better future for people and planet.
www.FIAFormulaE.com
About Infosys
Infosys is a global leader in next-generation digital services and consulting. Over 300,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. We enable clients in more than 56 countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, as they navigate their digital transformation powered by cloud and AI. We enable them with an AI-first core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace.
Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next.
Safe Harbor
Certain statements in this release concerning our future growth prospects, or our future financial or operating performance, are forward-looking statements intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, our ability to attract and retain personnel, our transition to hybrid work model, economic uncertainties, technological innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, and cybersecurity matters. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2023. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.
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Artificial Intelligence
Latest VIPRE Security Group Email Threat Trends Research Exposes Global Phishing and Malware Threat Landscape
The US, UK, Ireland, and Japan emerge as the main source of spam; manufacturing, government, and IT sectors are most victimized; Pikabot top malware family
LONDON, May 9, 2024 /PRNewswire/ — VIPRE Security Group, a global leader and award-winning cybersecurity, privacy, and data protection company, today released its Q1 2024 Email Threat Trends report, based on an analysis of 1.8 billion emails. The findings reveal the evolving landscape of email-based threats and emerging tactics malicious actors are employing.
The US, UK, Ireland, and Japan top the spam sources listThe report identifies the US as the top source of spam emails globally, followed by the U.K., Ireland, and Japan. The US, UK, and Canada are the top three countries most subjected to email-based attacks.
Attackers aim at the manufacturing sectorThe manufacturing, government, and IT sectors are the most victimized by malicious actors. In Q1 2024, the manufacturing sector suffered 43% of email-based attacks, with the government (15%) and IT (11%) trailing well behind. This is a change from Q1 2023, when attackers targeted the financial (25%), healthcare (22%), and education (15%) sectors most often.
Scams surpassing phishing This research warns that ‘scams’ within the spam category are growing in popularity among cybercriminals, overtaking phishing emails in the first quarter of 2024.
There’s been a notable increase in phishing emails masquerading as communications from Human Resources, falsely claiming to relate to employee benefits, compensation, or insurance within a company. These emails contain malicious attachments in .html or .pdf formats, featuring phishing QR codes that redirect recipients to phishing sites upon scanning.
New phishing trends and techniquesIn email phishing campaigns, 75% of emails leverage links, 24% favor attachments, and 1% use QR codes. Attackers are employing links in phishing emails for URL redirection (54%), compromised websites (22%), and newly created domains (15%).
Emerging tactics employed by cybercriminals to execute phishing attacks include the use of .ics calendar invite and .rtf attachment file formats to trick recipients into opening malicious content.
Malspam links and top malware familyEncouraged by the success of password-oriented phishing emails that use links, cybercriminals are opting for malicious links in malspam emails instead of attachments. Malware is increasingly being hidden in cloud storage platforms such as Google Drive. The use of malware-based emails employing attachments has increased to 22% in Q1 2024, from only 3% in Q1 2023.
Due to the void left by the dismantled Qakbot malware, Pikabot has emerged as the top malware family, with IceID a distant second.
Exploiting software vulnerabilitiesCriminals are exploiting a web application vulnerability, most notably Reflected Cross-Site Scripting (XSS), focusing on the tag attribute “href”, to circumvent detection by using a variety of tactics such as images as the entire email content, encoding URLs, and directing the victim through multiple URLs.
Malicious actors are also finding success with thread hijacking of NTLM (NT LAN Manager), a security protocol used by Microsoft Windows operating systems for authentication. By hijacking the authentication thread, attackers extract NTLM challenge-response hashes from legitimate SMB (Server Message Block) sessions, to enable them to impersonate authenticated users and gain unauthorized access.
“Criminals are using email with success to scam, infiltrate networks, and unleash malicious payloads,” warns Usman Choudhary, Chief Product and Technology Officer, VIPRE Security Group. “We’re witnessing bad actors relentlessly exploiting human vulnerabilities and software flaws, circumventing email gateways and security measures with alarming precision. Robust email and endpoint defenses, coupled with a vigilant human frontline, remain our strongest defense against these unyielding attacks.”
To read the full report, click here: VIPRE’s Email Threat Trends Report: Q1 2024.
VIPRE leverages its unique understanding of email security to equip organizations with the information they need to protect themselves. This report is based on proprietary intelligence gleaned from round-the-clock vigilance of the cybersecurity landscape.
About VIPRE Security Group VIPRE Security Group, part of Ziff Davis, Inc., is a leading provider of internet security solutions purpose-built to protect businesses, solution providers, and home users from costly and malicious cyber threats. With over 25 years of industry expertise, VIPRE is one of the world’s largest threat intelligence clouds, delivering exceptional protection against today’s most aggressive online threats. Our award-winning software portfolio includes next-generation antivirus endpoint cloud solutions, advanced email security products, along with threat intelligence for real-time malware analysis, and security awareness training for compliance and risk management. VIPRE solutions deliver easy-to-use, comprehensive layered defense through cloud-based and server security, with mobile interfaces that enable instant threat response. VIPRE is a proud Advanced Technology Partner of Amazon Web Services operating globally across North America and Europe.
The group operates under various brands, including VIPRE®, StrongVPN®, IPVanish®, Inspired eLearning®, Livedrive®, and SugarSync®. www.VIPRE.com
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