Your employee receives an email that appears to be from you, asking for a favor or for them to perform a task. At initial inspection, the email looks benign. It wasn’t caught in a spam or anti-virus filter. There aren’t any shady attachments or suspicious links, it may not even ask for a wire transfer but rather something as inauspicious as procuring a couple of gift cards for the office. it simply appears to be an email from someone your employee trusts. Your employee responds, eager to help the boss out. You’ve just been compromised.
That’s how easy it is. So easy, even RMA staff has received such spoofing emails in the past.
The FBI reported that in 2018 they received over 20,373 business email account compromise [BEC] complaints with adjusted losses totaling over $1.2 billion.
But that’s just the beginning.
Beyond just BEC attacks, the FBI’s 2018 Internet Crime Report ranked Virginia among the top 10 states in terms of total number of cyber-crime victims with 14,800 victims filing complaints with more than $43 million in losses.
Think your business is too small to be targeted? Think again. More than half of small and medium sized businesses have reported a cyber attack in the past 12 months and 71% of attacks happen at businesses with fewer than 100 employees. What’s more, 60% of compromised small businesses fail within six months.
Does your business have a plan?
Today’s omnichannel marketplace is rife with opportunities for customers’ data to be exposed. Businesses of all sizes, particularly retail, must take a proactive approach in safeguarding themselves against security breaches. The best defense is a strong offense. Take steps to ensure that your company has plans and processes in place both to prevent an attack, as well as a “worst case scenario” plan. Failure to plan can cost your business big bucks. According to the Ponemon Institute, the average price for small businesses to “clean up” after they’ve been hacked is $690,000.
Want to learn more?
On Friday, May 3, RMA will welcome Christopher Moschella, Risk Advisory Services Senior Manager at Keiter, as the Friday Forum speaker and he will speak to the ways in which businesses can protect their customers, as well as themselves from cyber threats. The May Friday Forum is an event you can’t afford to miss – register today.