Business Email Compromise (BEC) attacks have increased dramatically in the past two years and are resurging exponentially during the coronavirus (COVID-19) crisis
GlobeX Data Ltd (CSE:SWIS) (OTCQB:SWISF) said its new secure email and communications service should be ready for launch within weeks as scams increase amid the pandemic with more people working from home.
Business Email Compromise (BEC) attacks have increased dramatically in the past two years and are resurging exponentially during the coronavirus (COVID-19) crisis due in part to the lack of home internet security and scrutiny from tech staff at home.
"We are working hard to complete our new Custodia Email platform in the next few weeks and look forward to having it available to all our clients and our partners worldwide," said Alain Ghiai, CEO of GlobeX Data, in a statement.
"BEC scams have increased exponentially and we are well aware that this problem is only the beginning and more BEC attacks are on the way. We are looking forward to puting our proprietary technology to work and helping businesses of all sizes globally and protecting them as much as we can from these BEC scams," he added.
Final completion should be within the next 30 days, the group revealed.
According to the website PYMNTS.com, 81% of firms were targets of payments fraud last year, according to recent data from the Association for Financial Professionals, noted GlobeX.
Its survey, underwritten by JPMorgan, found that the BEC scam was the most popular attack, with 75% of all companies surveyed saying they were impacted by it in some way in 2019.
It's been a busy week for the group. On Monday it said it was close to launching its data protection platforms in the Bahamas.
Its "Work From Home” services include GlobeX’s secure business cloud solutions package, comprised of the firm’s flagship DigitalSafe, PrivaTalk and Custodia technologies for secure communications.
DigitalSafe is a Switzerland-hosted secure document management and collaboration cloud tool, while PrivaTalk is a secure communications suite. Custodia is the firm’s end-to-end encrypted email service.