No one has been hit harder by the COVID-19 pandemic than small businesses. In New York, 55% of small businesses here shut down and employment fell by 40%. Many big businesses have closed down as well, but the outlook for small businesses is grimmer because they have fewer resources than large corporations.

Everyone who uses the internet is exposed to cyberthreats, which is unfortunate because we practically live online. We express ourselves on social media, communicate with family and colleagues via email and messaging apps, and even operate web-enabled gadgets also known as Internet of Things (IoT) devices.

Even before the COVID-19 pandemic, business email compromise (BEC) has been one of the most pervasive forms of cybercrimes. In fact, from 2013 to 2019, there were more than 70,000 victims of BEC scams worldwide.

According to the FBI, some of the most recent examples of pandemic-related BEC scams capitalize on coronavirus-related situations and reasons to ask for payments and change standard payment methods.

The coronavirus outbreak has driven businesses in New York and all over the world to implement remote work setups in order to keep operations afloat. And because face-to-face communication isn’t always viable in this new arrangement, employees are using technology tools to reach out to vendors and clients, exchange information with their peers, and collaborate with their team.