One out of every three cybersecurity breaches involves a corporate email being compromised due to a phishing attempt.
According to Verizon’s 2019 Data Breach Investigations Report, one out of every three cybersecurity breaches involves a corporate email being compromised due to a phishing attempt. The statistics are alarming and make it essential for businesses to emphasize cybersecurity to protect their business and assets. Read on to learn about Business Email Compromise (BEC) and how it may affect you.
Understanding Business Email Compromise
Business Email Compromise is an online scam that targets organizations that execute wire transfers and have international suppliers. Executive or high-level employee email accounts related to finance wire transfer payments are compromised using phishing assaults to make fraudulent transfers, resulting in hundreds of thousands of dollars in losses.
A phishing attack occurs when a fraudster poses as a…