Protect Your Business from Compromised Emails

In a reminder of the cybersecurity threats facing businesses today, a Central Florida hospitality company has reported a $1 million loss due to a sophisticated email scam. The story, first reported by FloridaPolitics.com and covered by FOX 35 Orlando, highlights the rising danger of business email compromise attacks that target small and midsize businesses.
 
Matt Rose, Chief Experience Officer at Tech Rage IT, a leading Orlando IT services provider, appeared on FOX 35 to offer expert analysis on the breach and what business owners can do to protect themselves.
 
“These are all too common,” said Rose. “The attempts are made all day long and everybody should expect that they've happened to them or will keep happening—no matter if you're a CEO expecting a million-dollar bonus or just a regular Joe.”
 
The scam began when cybercriminals gained access to the CEO’s email and sent instructions to the finance team to wire a $1 million bonus to a new bank account. It wasn’t until a follow-up request for additional funds that fraud was discovered.
 
“There’s a common saying in the security world that attackers only have to be right once—we have to be right every time,” Rose noted. “You’re never hack-proof. If someone tells you otherwise, they’re selling snake oil.”
 
According to the Federal Bureau of Investigation, business email compromise attacks led to nearly $3 billion in reported losses in 2023 alone.
 
“This kind of attack is just easy and effective for cybercriminals,” said Rose. “They don’t care who you are—small or large, if they can get in, they will.”
 
Protecting Your Business from Cyber Threats
 
As a cybersecurity leader for small- and medium-sized businesses in Central Florida, Rose emphasized the importance of a layered defense strategy:

• Multifactor Authentication: “Start here. It’s not bulletproof, but it stops the easy stuff.”
• Human verification: “Before wiring funds—especially to a new account—pick up the phone and confirm it.”
• Ongoing cybersecurity awareness training: “Your people are your first line of defense. They need to know what to look for.”
• Monitoring tools: “You can’t prevent everything, but you can catch it quickly and shut it down.”