BEC is responsible for 60% of fraud

Cyber Awareness Training is a key part of your businesses defences.

Business Email Compromise (BEC) is obviously a major factor in cyber crime.

According to the FBI’s Internet Crime Complaint Centre, consumers and businesses suffered in excess of $4.2 billion in losses tied to cybercrime in 2020, and BEC fraud and romance scams alone accounted for nearly 60% of those losses.

This highlights the importance of cyber awareness training for individuals and business in the run up to Black Friday & Christmas.

Ok those figures came from the USA but the UK and Europe are also major targets and here’s why.

For a more indepth look at why so many  of these scams originate from Africa check out this article by KrebsonSecurity.

As usual Brian Krebs insights make it a well worth while read.

The emails typically originating from places like Nigeria that contain Romance scams, Business Email Compromise (BEC) fraud, don’t target Nigerian citizens, nor do they harm African banks. On the contrary: This activity brings significant amounts of Western money into the Nigerian economy.

BEC is a  threat that isn’t going away any time soon

So it isn’t perhaps surprising that the Nigerian Government might turn a blind eye to an activity that brings in desperately needed Western currency.

Providing  of course it doesn’t harm Nigerian interests.

As such we probably have to live with the problem and realistically the best course of action is to employ a mixture of technology and training to counter the threat.

Phishing Awareness Training is a key part of your security strategy don’t neglect it.

By educating ourselves on the reasons behind the issues we can all become more Cyber Savvy.
In the meantime minimise the risk to yourself and your organisation think Strategy, Training and Technology.

The threat isn’t restricted to your inbox, social media and even browsing are potential sources of infection & intrusion.

Recognising risky behaviours is vital, online training will impart the skills necessary to make you Internet Savvy.

Cyber awareness training teaches you skills that can be passed on to your colleagues and family to create a culture of security.

Regularly simulating Phishing attacks mean you can train like an athlete, repetition is the key to ingraining your new skills.

Email Phishing

Implementing our strategy of defence in depth along with cyber awareness training will significantly reduce the risk to you and your business.

The good news is it’s affordable and scalable even for the smallest SME.

Contact us now to find out how we can protect you and your business.