Tips, Trends, and Tidbits
The Unseen Cost of Business Email Compromise (BEC)
While direct financial losses are readily apparent, with the FBI Internet Crime Center reporting losses over $2 billion for the 4th year in a row, BEC attacks often have a ripple effect, leading to significant hidden and long-term costs.
Here’s a breakdown of the less obvious but equally damaging consequences:
- Reputational damage and loss of trust – BEC attacks can severely damage a company’s brand and reputation, leading to a loss of trust among clients, partners, and stakeholders. Rebuilding a damaged reputation can be difficult and time-consuming, potentially impacting future business prospects and partnerships.
Letter from the President
At Germantown Trust & Savings Bank, your financial security is our top priority. As cyber threats continue to evolve, it’s more important than ever to stay vigilant in protecting your personal and financial information.
I encourage you to take simple yet effective steps to enhance your cybersecurity: use strong, unique passwords, enable two-factor authentication, and monitor your accounts regularly for any suspicious activity. Be cautious of phishing emails, texts, and phone calls requesting personal information—when in doubt, contact us directly.
Our team is committed to providing secure banking solutions and resources to help keep your information safe. If you ever have concerns about your account security, please reach out.
Together, we can protect what matters most.