What is Business Email Compromise (BEC)? and how to protect your business from becoming a victim of Business Email Compromise.
Business Email Compromise (BEC) is a type of cybercrime in which an attacker gains unauthorized access to a company’s email account and uses it to conduct fraudulent activities. These activities can include sending fraudulent emails to customers, employees, or vendors in an attempt to steal sensitive information, such as login credentials or financial information, or to trick them into making wire transfers or other payments.
BEC attacks are becoming increasingly common, and they can have serious consequences for businesses. In fact, according to the FBI, BEC attacks have resulted in over $26 billion in losses worldwide.
How Does Business Email Compromise Happen?
BEC attacks typically start with a phishing email. The attacker sends an email that appears to be from a trusted source, such as a company executive or a vendor, and includes a link or attachment that, when clicked, installs malware on the recipient’s device. This malware can then be used to steal login credentials or other sensitive information.
Alternatively, the attacker may use social engineering techniques to trick the recipient into revealing their login credentials or other sensitive information. For example, they may send an email that appears to be from a company executive requesting that the recipient provide sensitive information or make a wire transfer.
Once the attacker has gained access to the email account, they can use it to conduct further fraudulent activities. They may send emails to customers, employees, or vendors requesting wire transfers or other payments, or they may use the email account to steal sensitive information.
How to Protect Your Business from Business Email Compromise
Fortunately, there are steps that businesses can take to protect themselves from BEC attacks. Some of these steps include:
Educate Employees
Employees are often the first line of defense against BEC attacks, so it’s important to educate them on how to identify and avoid phishing emails. This can include training sessions on how to identify suspicious emails, as well as regular reminders to be vigilant when opening emails and clicking on links or attachments.
Implement Two-Factor Authentication
Two-factor authentication can provide an additional layer of security for email accounts. This requires a second form of identification, such as a code sent to a mobile phone, in addition to the password. This can help prevent unauthorized access to email accounts.
Verify Requests
Before responding to any email requests for sensitive information or wire transfers, employees should verify the request through a different channel, such as a phone call to the person who sent the email. This can help prevent employees from inadvertently providing sensitive information or making fraudulent payments.
Use Anti-Spam and Anti-Malware Software
Anti-spam and anti-malware software can help prevent malicious emails from reaching employees’ inboxes. This can help reduce the risk of BEC attacks by blocking phishing emails and other types of malware.
Implement Data Loss Prevention (DLP)
Data Loss Prevention (DLP) solutions can help prevent the accidental or intentional leakage of sensitive information through email. This can help prevent attackers from stealing sensitive information from email accounts.
Monitor Email Accounts
Regular monitoring of email accounts can help detect unauthorized access. If an employee notices any unusual activity, they should report it to IT immediately. This can help prevent attackers from using email accounts to conduct further fraudulent activities.
Have a Response Plan
In the event of a BEC attack, having a response plan in place can help minimize the damage. The plan should include steps for isolating the affected system, contacting law enforcement, and notifying customers and vendors.
Conclusion
Business Email Compromise (BEC) is a growing threat to businesses of all sizes, and it’s important to take steps to protect your business from this type of cybercrime. By educating employees, implementing two-factor authentication, verifying requests, using anti-spam and anti-malware software, implementing DLP, monitoring email accounts, and having a response plan, businesses can significantly reduce the risk of a BEC attack.
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