Cost of being Hacked - BICB

The Cost of Being Hacked

The cost of being hacked is clearly demonstrated in this story from ABC News which is a timely reminder to check all your systems for vulnerabilities. It seems that either an email account or website was hacked.

Here are the key points from the article:

Scammers intercepted an email between a sub-contractor and a builder and changed the banking details on the attached invoice.

Police believe the account used by the scammers was likely set up using a false name.

Business email compromise scams cost Australians millions of dollars a year.

If you think an email with an attached invoice couldn’t be intercepted and the banking details altered, you need to think again.

According to the ABC News report, Last year, Scamwatch said Business Email Compromise (BEC) scams netted $5.3 million across Australia.

But when those losses were combined with data from other government agencies and the big four banks, a total of $132 million was recorded.

So far this year, Scamwatch has received 1,099 reports of business email compromise scams worth $3.7 million in losses.

Small Business Ombudsman Kate Carnell said the average amount businesses lost was $10,000 per transaction.

Read the full article here: https://ab.co/3pXZfsi

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Wayne Clark - BICB

I grew up in a family that was involved in the Building Industry, my father owned a Structural Engineering business called Australian Fabricated Industries (AFI). For the past four decades I have worked in various management rolls including a large private school and national building industry supply businesses.

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