In an age filled with new cybersecurity threats, companies must put greater effort into keeping their data secure. This involves enforcing stricter security policies, having more than mere antivirus software, and implementing multifactor authentication (MFA).

As its name implies, MFA is a security mechanism that verifies one’s identity using other factors beyond simple username–password combinations.

As cybercrime tactics grow increasingly sophisticated, the need for cutting-edge security frameworks has become ever-more critical in recent years.

According to statistics by RiskBased, data breaches exposed 4.1 billion records in the first half of 2019 alone, most of which were “financially motivated.

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.