While many business owners feel confident they have these threats quarantined with virus protection or other tactics, social engineering hacks bypass standard protection and other systems by communicating directly with unsuspecting employees. (Photo: Worldwide Facilities) (Photo: Worldwide Facilities)

The 2018 Internet CrimeReport from the FederalBureau of Investigation's (FBI's) Internet Crime Complaint Center(IC3) shows wire transfer fraud is currently a major threatto businesses. 

According to the report,business email compromise (BEC) is one of theleading risks, with manufacturing andconstruction being the most targeted industriesin 2017 and 2018. BEC usuallyinvolves a social engineering tactic that occurs after a hackercompromises a business's email and attempts to forge wire transfersto anonymous accounts (often offshore), which makes tracing themmore difficult. The manufacturing and constructionindustries have been generally slow to secure cyber policies toprotect from this threat, making them a prime target forhacking.

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