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Attacks by Email Cost $12B Over Five Years

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.