Big Cyber Risk Could Be in Your Inboxes
Over the last five years, Business Email Compromise (BEC) has led to $43 billion of actual and exposed loss, in all 50 states and in 177 countries.
Increasingly sophisticated cyber criminals gain access to businesses’ email accounts and then use them to trick targets into transferring funds, revealing banking credentials or other personal information, or diverting shipments.
BEC is a devastating form of social engineering. Losses can be staggering—and more than half the time, they go unnoticed until it’s too late to recover them.
ProWriters’ Brian Thornton spoke with two cyber claim experts from industry-leading specialty insurance group Tokyo Marine HCC about the costly crisis of social engineering in general and Business Email Compromise (BEC) in particular.
Watch their conversation to find out:
· Why companies of any size, in any industry, can’t rely on usernames and passwords alone to protect their email.
· How the most common BEC schemes trick people into making mistakes that could ransack a business’s revenue and reputation.
· Five specific things businesses can do to reduce their risk of social engineering.
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