As a result of the phishing schemes, employees transfer tens of thousands of dollars in company funds into fraudulent accounts. Thus, over half of business executives (58%) polled by Zogby Analytics for HSB, a provider of cyber insurance and services, said suspicious emails had increased in 2019. 37% of the organisations received an email from someone pretending to be a senior manager or vendor requesting payments.
Almost 47% of employees receiving those emails responded by transferring company funds, resulting in losses most often in the USD 50,000 to USD 100,000 range (37%) and rarely less than USD 10,000 (11%). The scam is convincing because cyber thieves in many cases gain access to business email accounts and assume the false identities of company managers.
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