As reliant as the insurance industry (along with every other business) has become on email to manage client, vendor and partner communications, the fact remains that any such digital tool can leave individuals and firms open to a cybersecurity breach.
Even public entities have faced potentially devastating financial harm from what’s become known as business email compromise fraud, or “BEC.”
A recent report from the FBI’s Internet Crime Complaint Center found that BEC fraud was the crime that resulted in the highest reported losses. The Center indicated that in 2019 alone, it received 23,775 BEC/email account compromise complaints, with adjusted losses of over $1.7 billion.