These sophisticated and sometimes very convincing emails will attempt to trick the employee into wiring money to a third party and include language making the request sound urgent and confidential. The Canadian Anti-Fraud Centre estimates that $54 million was lost in 2021 to Canadian businesses that were targeted by spear phishing.

A VPN is a great addition to your cyber security plan. If you or your employees will be accessing your business’ network remotely, setting up a VPN will provide a secure and encrypted connection to your sensitive business network.

Report the incident immediately to your bank to protect your business accounts from being accessed fraudulently.