Not a What-if: This is Happening Today
Reports by the Wall Street Journal state the CEO of an unnamed energy company based out of the United Kingdom fell victim to a situation just like this. Fully unaware that he was speaking with a scammer and not his actual boss (the CEO of the German parent company), he was asked urgently to transfer €220,000 ($243,000) to a Hungarian supplier…and he did.
This alarming new threat paired with Business Email Compromises, which last year alone cost US businesses approximately $1.3 billion, cannot be taken lightly.
What Can I Do to Keep my Business Safe?
With complex threats like these, there is software available that can mitigate risk by detecting unusual behavior, however this cannot be the only line of defense. It is ultimately up to proper end user training and awareness of the company’s security policies.
For example, if there’s a detailed plan in place for certain business processes (i.e. wiring money), then it is much easier for an employee to know when there’s behavior that deviates from that process. In addition to that, having training under their belt that helps them to identify these types of behaviors in the first place or know how to counteract them is crucial.
Unfortunately, one of the biggest threats to any business is an uneducated employee. All it takes is one wrong click.
Take the Steps to Needed to Avoid Becoming a Victim to These Threats
Our team specializes in Client-Education that makes an impact. If you want to be confident that your employees are able to recognize the latest security threats, let us help!