Are You At Risk Of Business Email Compromise (BEC)?

Business Email Compromise (BEC) is a type of cybercriminal attack that is aimed mainly at businesses and organizations. It usually involves a process of sophisticated social engineering and targets managers of the treasury or employees with access to office finances such as accounting. 

Unfortunately this type of fraud is increasing with the advent in telework and remote work. The scammers usually achieve their fraud through email. Passing themselves off as a trusted person or entity, they  trick their victim into transferring money or divulging confidential information about the company. Business email compromise is very sophisticated and well planned and, contrary to other types of cyberattacks, it exploits human vulnerabilities rather than technical weaknesses. To do this, web scammers often use public information available online to personalize their ruse and make their emails more convincing.

What are the dangers of business email compromise?

One of the more obvious dangers of BEC is the risk of significant financial loss. If an employee is fooled by a fraudulent message and effects a transfer to the cybercriminal’s bank account, the transaction of funds may be irreversible. Business email compromise can also result in a breach in the company’s confidentiality and security of private information. The scammers can obtain critical information such as financial data, notes on employees or business strategies which can have long-lasting negative impacts for the organization. These scams can also disrupt normal business operations because they require immediate intervention to manage the consequences of the event, all of which can result in delays, interruptions and loss of productivity. Finally, if a business email compromise is successful, it can greatly damage a company’s reputation. Clients, business partners and investors may lose confidence in the company’s ability to provide the finished product, protect its assets and safeguard its confidential data.

Solutions for protecting yourself?

To minimize these dangers, businesses must implement robust security measures. These should include employee awareness and training in how to detect attacks, recognizing the identity of the sender, implementing rigorous verification procedures and additional validation for financial transactions as well as how to use advanced tracking technologies to detect attempts at BEC. 

Taking cybersecurity into consideration is a must for all businesses and collaborating with experts that specialize in assessing and improving protection protocols to prevent IT attacks can help reduce your risk. As a managed services provider, we can advise and assist you to develop strategies that are adapted to your organization’s needs.

Get the most from your IT

As service providers to more than 300 companies, the dedicated professionals at MicroAge are second to none when it comes to managed services. By improving efficiency, cutting costs and reducing downtime, we can help you achieve your business goals!

Most commented posts

What You Need to Know about Google Tracking Your Location

Google is tracking the whereabouts of billions of its customers, even when they tell the tech giant not to. Here is what you need to know about this practice, including how to minimize the amount of data being stored about you.

Read More
tendances informatiques 2020 it trends

4 Upcoming IT Trends Businesses Need to Know About

As we look toward 2020, there are some very interesting IT trends that will affect the way businesses operate. Let’s take a look at 4…

Read More

VoIP Phone Systems

Your regular office phone system could be preventing your small business from growing. If you're not using a VoIP Phone system right now, you’re probably tied down to an office desk phone, costly monthly phone bills, and other expenses that come with a company landline and cell phone. What if there was a simple solution...

Read More

Have You Considered Device-as-a-Service?

This past year has brought with it many changes and many learnings. The word “transformation” has become one of the most used, or some would…

Read More

Preparing for Compliance to the Modernization of Privacy Laws in Canada

With all the different legislation either already enacted or being enacted in different jurisdictions, organizations may find it difficult to determine what they need to…

Read More