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.