Business Email Compromise: The Second Costliest Crime

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Cyberattacks, specifically Business Email Compromise attacks are back in the national news. This feature story on CNN.com covers the risk, nature, and impact of Business Email Compromise attacks on a national level.

Back in March of 2022, we blogged about Real Estate Cyber Security and the rapid increase in Business Email Compromise (BEC) attacks. We followed up in April of 2022, with a post Business Email Compromise – The Costliest Type of Cybercrime. The post explained how BEC attacks work and how you can prevent them.


Are YOU safe from Business Email Compromise Attacks?
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A $2.9 Billion Problem

With 2023 adjusted losses exceeding $2.9 Billion, the FBI’s 2023 Internet Crime Report identifies BEC attacks as the second-costliest type of crime. In a recent survey by CertifID, more than half of the 650 homebuyers and sellers were not fully aware of these types of fraud risks.

While the victims in the CNN article believe the compromise was from the title company, these breaches often initiate with the real estate agent or brokerage. The fragmented system of real estate franchisors, franchises, brokers/groups, and agents, gaps in cybersecurity awareness and protections are common. Real estate is a rich target for these BEC attacks. Large dollar amount transactions and low security-vigilance among agents, buyers, and sellers attracts cyber attacks.

Your Business Email Compromise Risk

The scope of BEC attacks spans businesses of all sizes.  Your small business is a target because you are less likely to have adequate cybersecurity protections in place.  As a small business, you are also less likely to have procedural checks and balances in place. Your chance of identifying and thwarting a BEC attack is lower.

Business Email Compromise attacks may target payments you make, or those your customers make to you. In either case, a successful BEC can destroy your reputation, expose you to litigation and liability, and cost you tens of thousands of dollars.

Your Next Step

Your best next step is to evaluate how well you are protected from BEC attacks.  Use Referral Code 24RSA50 to request savings of at least 50% off our Rapid Security Assessment*. You can also schedule a brief, free call with one of our Cloud Advisors to discuss your cybersecurity risk and protections.

About the Author

Allen Falcon is the co-founder and CEO of Cumulus Global.  Allen co-founded Cumulus Global in 2006 to offer small businesses enterprise-grade email security and compliance using emerging cloud solutions. He has led the company’s growth into a managed cloud service provider with over 1,000 customers throughout North America. Starting his first business at age 12, Allen is a serial entrepreneur. He has launched strategic IT consulting, software, and service companies. An advocate for small and midsize businesses, Allen served on the board of the former Smaller Business Association of New England, local economic development committees, and industry advisory boards.

* Discount RSA offer requests must be received prior to 3:00 PM EST on Dec. 31, 2024.

Prepare for Windows 10 End of Life and Windows 11

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Windows 11A Guide From Windows 10 End of Life to Windows 11

Support for Windows 10 ends on October 14, 2025. After this date, Microsoft will no longer provide:

  • Free software updates, including updated or new features
  • Security patches and fixes
  • Technical assistance

Although you can continue to use Windows 10, doing so dramatically increases your risks of cyberattacks, security breaches, and other issues.

Know Your Windows 10 Options

Microsoft recommends that you upgrade all systems to Windows 11 before the deadline. While we generally agree, we understand that challenges such as software dependencies and costs may complicate this transition. Your current software may not function properly on Windows 11, and older PCs or laptops might not meet its requirements, potentially leading to significant expenses for hardware replacement.

You will need to assess whether your devices can run Windows 11 as-is or with upgrades. If they cannot, there are alternatives to purchasing new devices.

Plan your move to Windows 11 Free Consultation Schedule a free, no-obligation meeting with one of our Cloud Advisors.  

Microsoft recommends that you upgrade all systems to Windows 11 before the deadline. While we generally agree, we understand that challenges such as software dependencies and costs may complicate this transition. Your current software may not function properly on Windows 11, and older PCs or laptops might not meet its requirements, potentially leading to significant expenses for hardware replacement.

You will need to assess whether your devices can run Windows 11 as-is or with upgrades. If they cannot, there are alternatives to purchasing new devices.

  • Extended Security Updates (ESU): Microsoft will offer an ESU subscription providing critical security updates for Windows 10. While pricing details are not yet available, ESU programs for Windows 7 were more than $100 per device annually. We expect the ESU program for Windows 10 will be more expensive.
  • Virtual Desktop Services: You can also mitigate the cost of upgrading by moving to virtual desktop services. This option is best if you are facing multiple system replacements.

Determining the right path forward depends on your unique IT environment, budget, and business needs. 

Plan for Windows 11

Regardless of the strategy you choose, proactive planning is crucial. Follow these steps to ensure a smooth transition to Windows 11:

  1. Assess Your Current IT Environment:
    • Review your inventory of all devices running Windows 10. This includes computers, laptops, servers, and any embedded systems.
    • Identify which devices can run Windows 11, which can be upgraded, and which devices you should replace.
    • Identify the business-critical applications and tools you currently use and whether they are compatible with Windows 11. You may need to upgrade some of your software.
  2. Create Your Budget:
    • Budget the cost of upgrading and/or replacing devices that cannot run Windows 11. Keep in mind that older systems may require replacement soon, even if upgraded now.
    • Include the cost of any tech support or professional services you may need to transfer applications and data to the new devices.
  3. Develop a Transition Plan:
    • Plan on the timing for upgrades, purchases, and migrations.
    • Remember that you may need to test some of your software on Windows 11 before upgrading or replacing devices.
  4. Train Your Team:
    • Provide learning resources to help your team learn and become familiar with Windows 11.
    • If you need to upgrade any of your business software, consider providing training on new features and capabilities.
  5. Stay Informed:
    • Monitor Microsoft’s official updates and announcements to ensure you have the latest information about Windows 10 end of life.

Your Next Step

As with any major operating system upgrade, we expect demand for PCs and laptops to increase during 2025. Prices will likely increase and availability may become an issue. Plan now and execute soon.

For assistance, schedule a brief, free call with one of our Cloud Advisors to discuss your assessment, plan, and upgrade needs, priorities, and budget.

About the Author

Allen Falcon is the co-founder and CEO of Cumulus Global.  Allen co-founded Cumulus Global in 2006 to offer small businesses enterprise-grade email security and compliance using emerging cloud solutions. He has led the company’s growth into a managed cloud service provider with over 1,000 customers throughout North America. Starting his first business at age 12, Allen is a serial entrepreneur. He has launched strategic IT consulting, software, and service companies. An advocate for small and midsize businesses, Allen served on the board of the former Smaller Business Association of New England, local economic development committees, and industry advisory boards.