Business email compromise (BEC) attacks, in which cyber criminals impersonate the CEO or CFO of an organization to trick employees into transferring large sums of money, are on a steep upswing.
One report indicates the number of BEC attacks doubled from the first half of 2017 to the second half of the year. Another report shows they spiked 80% in Q2 of 2018 alone. And according to the FBI, BEC attacks have cost companies more than $12 billion from October 2013 to May 2018.
The FBI recommends three steps to protect yourself against spearphishing and other email compromises that could threaten your business:
- Use in-person or voice communications to request money transfers.
- Require multi-factor authentication for financial transactions.
- Implement sound email security policies and train employees to follow them.
Xantrion agrees 100% with these FBI recommendations. If you need help putting them into practice, contact us.