Protect Grant Funding
Federal financial assistance, primarily administered as grants, is one of the most significant sources of funding for state, local, and tribal governments, as well as educational institutions across K-12 school districts, colleges, and universities. Most often, federal grants are awarded as direct cash assistance, but federal grants can also include in-kind assistance.
There is an estimated $1 trillion in outlays for aid to state, local, tribal, and territorial governments in 2023. Unfortunately, these funds are prime targets for bad actors to attempt to steal. The ever-changing landscape of business email compromise (BEC) accounts for more financial loss than any other cyberthreat—and the media attention resulting from these grants enables threat actors to obtain all the information they need to target employees with socially-engineered attacks.
There is little denying that government employees and grantees play a key role in preventing fraud related to taxpayer-funded programs.
Email-Like Attacks Targeting Your Funding
Cybersecurity risks in grant funding pose a significant threat to organizations and individuals alike. Cybercriminals often target grant funding as a source of money, knowing that grant administrators may not have the same level of security in place as traditional banking institutions.
Cyberattackers may use a variety of methods to gain access to grant funds, such as phishing, malware, or social engineering techniques. These attacks can lead to a loss of funds, disruption of services, increased risk of data breaches, and reputation damage to the grant recipient. It is crucial that grant administrators take the necessary steps to protect their funds from cyber threats.
Abnormal Keeps Your Grant Funding Secure from Email Threats Aiming to Steal It
Recently there have been numerous accounts of Local Governments suffering attacks targeting Federal Funds for such things as Housing and Rental Assistance, COVID funding, ARPA funding, and others.
In light of these threats, many organizations are turning to Abnormal Security to safeguard their federal financial funds. Abnormal offers a robust cloud-native security solution so you can prevent email and email-like attacks that target your grant funding while automating your security operations.