6 minute read
Changing Concerns for Employees in a Highly Connected World and What That Means for Employers
By: Kristin Lewis, Strategy & Product Management Leader at Aura
Since 2019, Americans have lost more money annually to online crime than to home burglaries, and total losses are growing exponentially. Last year, losses totaled $103 billion, with 1 in 4 Americans reporting they have experienced some kind of digital crime in the last 12 months[1]. The numbers are shocking, but when you think about the critical role that technology plays in every aspect of employees’ lives, the risk shouldn’t actually be that surprising.
My job requires me to be connected throughout the day, using my company-issued devices on my home network. As a mother of two screen-time loving boys, my kids require constant supervision. And, to top it off, I frequently act as the IT-department for my networked, but aging parents. One thing that I’ve noticed, both through my role at Aura and my responsibilities at home, is that the threats we’re facing online seem to be getting smarter. More targeted. More effective. With easy access to AI tools like ChatGPT, attacks are getting more convincing and more sophisticated. And the attempts to break in or catch you off-guard are relentless. It feels like it's only a matter of time before someone in my family will fall victim I know I’m not alone in this stress.
The Impact of Digital Crime on Employee Wellbeing
Falling victim to online crime such as scams, fraud, or identity theft can have an incredibly detrimental effect on employee well-being, and the data shows it. 54% of people report experiencing moderate to extreme feelings of anxiety or stress following a scam and 1 in 5 of those who have fallen victim to an online scam say they struggle to focus after the incident. That's why providing access to holistic online protection for employees can also protect your company.
According to MetLife’s 2021 US Employee Benefit Trends Study, 51% of employees say that employers should play a greater role in the safety and protection of employees and their families. Further, once an identity theft solution is made available to employees, employers see immediate benefits:
80% of employees report an improved opinion of their employer.
90% of employees state that they are more invested in their company’s cybersecurity protocols. And, finally, in the event that the employee or someone in their family does fall victim to online crime, 89% of those impacted remain engaged at work.
The Toll of Cybercrime on the Enterprise
Last year, business email compromise attacks resulted in nearly $3 billion in losses, according to the FBI. That doesn’t even account for scams conducted via text message, which accounted for $330 million in losses last year, more than double what was reported in 2021.
A leading culprit of these attacks is imposter scams where the cybercriminal pretends to be a trusted source of information for employees- the company CEO, a member of the HR team, or another senior leader. You probably encountered the CEO scam that was circulating by text last year.
This is how it worked - A message from an unknown number pops up on a new hire’s personal cellphone “Hey, it’s John Smith, CEO I’m in a meeting and can’t talk, but I need your help”. Once the user engages, the imposter would ask the new hire to purchase gift cards and send them to the “CEO” or make a payment via a portal to get the “CEO” out of a bind If you’re anything like me, you’re thinking, “I would never fall for that”. But, these scams start trending because they’re highly effective.
53% of all people scammers approach will engage. And, because 87% of businesses rely on employees to use their mobile devices for business purposes, phishing attacks on an employee’s personal device can make sensitive company information more easily accessible to hackers.
The leading advice to improve employee online safety protocols is to increase training and ask employees to be more vigilant about spotting risks on their own. But with the volume of attacks rising, what are the chances that an employee gets targeted at a moment when they’re distracted? What could the damage be to the broader organization if that employee falls victim?
You may have heard of the recent hack that brought operations at MGM Casinos to a screeching halt. This is just one example of a long line of hacks, ransomware attacks, and breaches that were executed as a result of employee-targeted social engineering.
In the case of MGM, the attackers sent messages to targeted employees claiming they needed to reauthenticate their identities or update account information. The messages contained a link to a spoofed corporate domain designed to emulate a familiar login page to trick employees into sharing their credentials. The hackers then had the information they need to bypass the enterprise security system. While MGM sorted through the breach and its implications, analysts estimated the company was losing between $42 million and $84 million each day.
The Case for an Intelligent Identity & Fraud Protection Benefit
While there are a number of competing approaches to online safety, an intelligent safety solution will provide all-in-one, preventative protection for employees and their families that is affordable and easy to use.
Earlier, I mentioned how criminals are using AI to make their attacks more effective. Well, intelligent safety systems use the same advanced technologies and set them loose against criminals’ attacks. Basically, fighting fire with fire.
And the most important feature of a good intelligent safety system is its ease of use. The beauty of intelligent safety systems is that they don’t require technical expertise to operate.
Given how interconnected our digital environments are, behaviors on one platform will impact employees’ family’s safety on another platform. And, beyond that personal risk, behaviors of employee’s family on devices outside your corporate network could put the security of the employers’ entire enterprise at risk. In this digital reality, wouldn’t you want to know that your protection is interconnected as well? By providing employees with an intelligent safety benefit, you help ensure their family is well protected and they can rest easy in the knowledge that they are fully covered.
Kristin Lewis is the Vice President of Product and Partnerships at Aura. Kristin has over ten years of experience leading high performing teams and products in the employer benefits space. Kristin’s insights on emerging trends in the U.S. workforce have been featured in publications including Inc. and TLNT, and her role at Aura makes her uniquely positioned to share time-sensitive information regarding the impact of fraud and identity theft on employees, their families, and the companies they work for.
