Email Scammers Reaping Huge Rewards, Study Shows

By Tom Jowitt for Silicon UK
Thursday, July 18, 2019

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At least one security expert has warned that these FinCEN numbers are probably only the tip of the iceberg.

“These scary numbers are just the tip of the BEC (Business Email Compromise) formidable iceberg,” warned Ilia Kolochenko, founder and CEO of web security company ImmuniWeb.

“Many small businesses do not report such incidents due to unawareness that a legal recourse may exist, or luck of hope to recover the stolen monies,” said Kolochenko. “Large organisations may likewise conceal the losses not to spoil their reputation. Importantly, we also have to consider many other indirect costs of cybercrime.”

“For example, growing spending on protracted and otherwise complicated due diligence on clients and partners that victims usually impose after losing money, let alone costs of investigation and legal expenses,” said Kolochenko. “Often a victory in a courtroom is nominal, as more money is lost than recovered or the defendants are judgement proof having no money to restitute the victims.”

Kolochenko said that businesses need to increasingly invest in continuous cybersecurity education for their workforce, and that no technology can resolve or mitigate all risks and threats without well-prepared people behind it.

“From a technology standpoint, organisations should invest in continuous security monitoring practices,” Kolochenko said. “Yearly or even quarterly audits are insufficient to resist the growing volume and sophistication of cybercrime.” Read Full Article