You’re at your desk, sending money to a supplier abroad. Perhaps you’re making a wire transfer.
You send the money… it leaves your business’s bank account… but never arrives at the supplier.
Because actually you didn’t pay it to the right bank account. A cyber-criminal cleverly persuaded you to change the bank details, perhaps by sending a fake invoice from an email account that looked like it was from your supplier but wasn’t.
This is called a man in the middle attack; also known as a BEC: Business Email Compromise.
If your business conducts wire transfers or has suppliers abroad you’re a prime target.
And it’s really important you take the threat seriously. Because it has the potential to cost your business dearly.
This type of cyber-crime costs large organizations almost $6 million annually.
One of the most powerful ways to avoid BEC attacks is to keep your people up-to-date on the red flags to look out for. Regular cyber security training will ensure your employees know how to decipher a genuine email from a fake, and what to do if they suspect they’ve been targeted.
Can our team help educate your team? Give us a call at 317-497-5500.