Business Email Compromise (“BEC”) is one of the most pervasive cyber threats facing enterprises. In the FBI’s recently released Internet Crime Report (IC3) for 2018, BEC caused the greatest dollar losses of all reported internet crimes. Total losses from BEC have more than doubled since 2017 to over $1.2 billion, or about $63,000 per incident. This data is supported by claims from the cyber insurance carriers as well. According to a recent report by Beazley Breach Response, incidents that began with email compromise and resulted in fraudulent wires being sent, increased 133% year over year The proportion of cyber crimes handled by Beazely that involved BEC is now 24%, almost double the 13% share of the prior year.
How can companies protect themselves from this persistent threat? Our guide to preventing business email compromise and the resulting wire fraud, was designed by operating professionals with deep experience managing the financial controls of firms that moved tens of billions of dollars per year and were constantly targeted by criminals. We organized our guide into three key pillars of Business Email Compromise prevention and provided supporting ideas and best practices to stay safe.
Click on the link below to read the complete article online @SecurityBoulevard.com