The Costly Consequence of Inadequate Cybersecurity
In the words of vTECH io’s own Chris McDaniel, “A good offense is usually less expensive.” Unfortunately, the Flagler County School District experienced this firsthand. They suffered a financial loss of $719,583 due to a phishing attack.
The Attack on the Flagler County School District
While the district was working on a new high school project, which required $22.6 million, a phishing attack targeted an electronic fund transfer meant for a construction vendor. The attackers redirected the funds to a fraudulent entity. It took the district nearly 11 hours to discover this fraud. By then, the funds were likely moved overseas and were virtually irretrievable.
A Similar Incident in Fort Lauderdale
A similar attack occurred in late September, affecting the city of Fort Lauderdale. This attack resulted in a loss of $1.2 million from a $144 million construction project. The fraudsters used fake documents to deceive everyone into believing they represented a legitimate company.
The Importance of Proactive Cybersecurity
In today’s world of widespread cyber threats, Benjamin Franklin’s words “An ounce of prevention is worth a pound of cure” are more relevant than ever. Investing in strong cybersecurity measures, employee education, and regular training is much cheaper than dealing with the fallout from a phishing attack. You’ve worked hard to build your business and finances. Don’t let others take it from you.
Take Action to Protect Your Organization
Act now to protect your organization. At vTECH io, we help businesses defend against the evolving cyber threats. Contact us today to schedule on-site staff training and prevent phishing attacks. Talk with our experts to strengthen your organization against digital threats.