How Much Does Fraud By Email Cost to Businesses?

It may be easy to protect yourself from email fraud, but the evidence shows that the cost to businesses is high.

The privacy rules for personal email need to be followed by employees in a business, especially when it comes to business email accounts.

The counterpart of the Financial Crimes Prosecution Body in the United States did an analysis that “ZD Net” publishes about the cost to businesses of all the financial fraud committed by email. The data is impressive, as the study estimates the cost of $301 million a month through fraudulent email and other forms of illegal e-mail use.

It is worth noting that these latest data are coming to greatly increase the FBI’s calculations of the annual cost to businesses of email fraud in US. The data comes from surveys by the authorities, as well as from financial institutions in the United States, along with reports from businesses themselves that detect suspicious behavior and communications via email.

In most cases, the problem arises when a cybercriminal or hacker acquires control of an employee’s business email account, or worse, a business executive’s. Similar incidents have increased significantly compared to previous years, from $110 million per month in losses in 2016 to $301 million per month in 2018.

The industries most affected by email scams are the manufacturing and industrial sectors, but no business should be considered completely safe anymore.