Cyber Crime That Can Bankrupt Your Business

In the duration of January 2015 and December 2016, FBI has reported a considerable increase in the business email compromise (BEC) which is one of the leading factor of business bankruptcy. This type of cyber-attack comes under the category of email phishing or simple phishing attack.

Phishing attacks have become quite common during the past few years which include email phishing, CEO fraud, whaling attack. If you are a business owner it is extremely crucial for you to identify such attacks and protect your business before it bankrupts you. The website takedown is an easy solution to this problem.

Commonly Used Techniques in Cybercrime That Can Bankrupt Your Business:

Some of the commonly used techniques by cybercriminals that can easily bankrupt your business include the following:

  1. CEO Fraud:

CEO fraud is a common and extremely dangerous attack that happens in an organization in which the people inside the organization are tricked by impersonating the high level executives. The people are tricked to provide sensitive information about the organization in this attack and even made them to wire money to a fake account. Such an attack can easily bankrupt you if not identified in a timely manner.

  1. Attorney or Supplier Impersonation:

Another technique used by cybercriminals to trick businesses is attorney or supplier impersonation. Such an attack comes under the category of whaling. In this attack the criminals claim that they are representing their law firm or company and request confidential information through a phone call or an email. Google and Facebook was hit with a BEC scam of $100M last year in which the criminal impersonated an Asian supplier to get money from the authorities.

  1. Compromised Email Account:

An employee account (usually a CFO or one with the payments authority) is hacked in such an attack which allows the cybercriminal to ask for the payments to a certain account for any fake reason. Such an attack is different from normal phishing attacks as mass emails are not sent thus not getting marked as spam email and also do not contain malicious links. Such attacks are therefore harder to detect and can be hazardous for your business.

Sophisticated cybercrimes are being used by the criminals these days that can bypass normal security measures and can easily bankrupt your business without even getting noticed. You can always consult cybercrime control services to protect your businesses.