Scammers pose via email as a senior company executive and request HR and Finance managers provide them copies of employee tax forms. Once a complete set is obtained, they sell it on the black market. Between $4 to $20 per form can be raked in by selling off the individual pieces of employee identity W-2s contain or using them to file tax returns and taking the refunds. It’s trapped a surprising number of small business managers and the problem’s only escalating.
Large enterprises like Equifax, Target, Sony and Home Depot may have grabbed headlines for cyber attacks, but small to mid-size businesses are the most exposed and the easiest prey. That’s because small businesses have fewer resources and may falsely believe that hackers only target large organizations. Last year, small organizations accounted for 85% of data breach claims, and breaches of less than 10,000 records cost on average $4.66 million.
Data hacking comes in just about every flavor these days – even the human variety. Social engineering fraud, or the psychological manipulation of people into performing actions or divulging confidential information, is the latest human-based fraud on the market. Learn more on how it works.
Employees can be your best defense against a cyber attack, but also among the easiest targets for cyber criminals. Giving your employees proper cyber risk training can help limit the impact of an attack, and has been shown to reduce the cost of a data breach by $16 per compromised record, on average. Here are ten steps to help your employees become savvy cyber defenders.