BEC: The Cyber Crime Costing the US $2 Billion Annually Could be Coming For Your Organization
Did you know that Business Email Compromise or BEC has helped criminals siphon billions of dollars from the US economy?
Business Email Compromise, a rouse in which individuals pretend to be someone else to fool unsuspecting victims into sending money or personal information into criminal hands, doesn’t get as much attention as it should.
In the news, you’ve probably heard about ransomware attacks in other countries. These get a lot of the attention because government agencies are usually involved. However, BEC has been the most expensive type of cybercrime in the US, according to the FBI.
Every company, including construction firms and contractors, is susceptible to BEC scams. In recent history, even the US State Department was fooled into sending $200,000+ to a scammer. In 2021, losses due to BEC scams toppled the scale at nearly $2.4 billion. That is a 33% increase from 2020.
To be successful, BEC criminals will use every mean necessary to look legitimate. They use targeted phishing emails or even artificial audio delivered via voicemail messages made to sound like a familiar voice, like a coworker or CFO.
And, BEC scammers can make off with money long before anyone notices. Once an organization goes to the police and they determine the money has been missing for some time and without a lot of evidence, they are less likely to perform an investigation. Also, banks have protected themselves from being liable for the stolen funds, which leaves the blame and burden, solely on the victim.
In our experience, at Lawley, cybersecurity technology, training, and insurance are the keys to mitigating the risk surrounding cybersecurity attacks and BEC crimes. Though nothing is one hundred percent foolproof, these measures will better protect your organization in the event of a cyber attack.
For more information about how we work with organizations like yours to better protect their assets, give our team a call. We’re happy to walk through your current situation and provide advice towards the best path of protection.
