Here’s some nightmare fodder for you: A global company recently fell victim to a sophisticated scam that cost them a massive $60 million.
This wasn’t due to a high-tech hack or a complex breach, but something much simpler – social engineering. An employee was tricked into transferring funds to scammers, thinking they were making legitimate payments.
This kind of scam is known as a Business Email Compromise (BEC) attack. Cyber criminals either impersonate a company executive or gain access to their email and then convince an unsuspecting employee to make a payment. They might claim it’s for a business deal that needs to be done quickly and quietly, adding pressure to act fast.
For businesses, this is a sobering reminder that the biggest risks aren’t always technical, they’re often human. Employees are prime targets for these kinds of attacks – especially if they have access to company funds.
The best defense? Education.
Training your team to recognize the signs of a scam could save your business millions. Encourage a culture where employees verify requests, especially when money is involved, and always double-check unusual demands, no matter how urgent they seem.
Investing in security training isn’t just a smart move, it’s essential. If you need help getting your employees up to speed on cyber security, our team can help.
What is Business Email Compromise (BEC)? | Microsoft Security