Most modern cybercrime tactics are based on technical vulnerabilities. Hackers force their way into a system by taking advantage of out of date software, or unencrypted data, or an inadequate firewall.
Naturally, if you know your security software is patched and updated, and you know you have a reliable firewall and antivirus solution, then you must be safe, right?
WRONG.
An increasingly common cybercrime tactic today doesn’t rely on technical vulnerabilities at all. It relies on you and your employees.
In early 2016, the FBI began warning businesses about a substantial increase in what they call “CEO fraud”, a cybercrime method in which the criminal impersonates a C-level executive over email to trick the recipient into divulging crucial information or processing a massive e-transfer of company money.
Does it sound too far-fetched to you? Think your staff is smart enough to see through the scheme?
Consider this:
- In 2015, toy industry giant Mattel lost $3 million in a CEO fraud scheme
- The same year, tech industry member Ubiquiti gave away $46.7 million to a scammer posing as a C-level executive over email
- The Scoular Co., an 800+ employee company, lost $17.2 million when an executive wired the money to a bank in China
And the list goes on!
Want to know the worst part? Business email compromise ISN’T INSURABLE. Why would your insurance provider cover you for something you or your employee willingly did?
That’s why it’s so important to prevent CEO fraud, because there’s nothing you can do about it once the damage is done.
The good news is, Brainlink will help. We’ll provide robust, extensive training for you and your employees so you can recognize email scams when they get to your inbox so you can deal with them accordingly.
For more information about how to stop business email compromise from robbing your business, reach out to the Brainlink team right away at (917) 685-7731 or raj@brainlink.com.
