TEN has learned a lot since falling victim to a business email compromise (BEC) scam – an attack where cybercriminals gain the trust of victims, often resulting in fraudulent online transactions or wire transfers.
"It’s easy to overlook the protection of personal assets which can just as easily compromise a business.”
Scott says TEN made significant changes to its systems and policies as a result - including improving employee cybersecurity knowledge and skills so staff are not only able to detect scams within the business but also, just as critically, in their personal lives and at home.
“It’s helped them understand the high stakes of falling victim to a scam,” Scott says. “The simplicity and effectiveness of cyberattacks can be shocking. They’re not just a matter of business; they’re a fact of life - and they can happen to anyone.”
For many, business has always been personal. It’s a concept at the core of scores of small-to-medium enterprises (SMEs) which take great time and care investing in relationships with customers, employees and suppliers.
That investment is sadly not something unique to SMEs. Today’s cybercriminals are also proficient in building relationships - albeit virtual - and gaining the trust of many people, including business owners.
With 45 per cent of Australian employment represented by small businesses, the sector is particularly appealing to fraudsters as it typically has a modest amount of data with minimal security.