Protect Your Business from Business Email Compromise (BEC) Attacks
What is a Business Email Compromise Attack?
A Business Email Compromise attack is a sophisticated scam where cybercriminals impersonate trusted individuals—CEOs, executives, or IT staff—to manipulate employees into: 
- Sharing sensitive company information: Cybercriminals often pose as trusted figures like executives or IT staff, sending urgent and convincing emails that pressure employees into disclosing confidential company details, such as customer data, financial records, or login credentials.
- Approving unauthorized financial transactions: These scammers craft emails that appear to be from high-ranking executives, requesting wire transfers or payment approvals. Employees might act quickly to comply, believing the request is legitimate and time-sensitive, which leads to substantial financial losses for the company.
Recent studies reveal a 58% increase in business email compromise attack attempts among malicious emails globally, underscoring why this is now the biggest email threat to businesses.
Why Your Business is a Target for BEC Attacks
BEC attackers exploit human behavior and company dynamics to maximize their success. Here’s how they operate:
-
Targeting Trust:
Cybercriminals exploit trust by impersonating high-ranking individuals, such as CEOs or department heads. By mimicking their tone, email signature, and communication style, scammers manipulate employees into believing the request is genuine and coming from someone in authority. This trust can make employees hesitant to question or verify the email.
-
Focusing on Lower-Ranked Employees:
Scammers often target employees who may not have extensive cybersecurity training or experience. These individuals might feel obligated to comply with requests from leadership, especially if the email appears urgent or official.
-
Creating a Sense of Urgency:
A common tactic is to make the email seem time-sensitive, such as a request to transfer funds immediately or provide information for an ongoing “crisis.” This pressure discourages recipients from pausing to verify the email’s legitimacy, increasing the likelihood of compliance.
Alarming Statistics on Business Email Compromise Attacks
- Over 208 million malicious emails were detected in the third quarter alone.
- 90% of Business email compromise attacks involve impersonating company leaders.
The combined impact of Business email compromise attacks, phishing, and spams surpasses traditional ransomware and malware threats.
How to Protect Your Business Against Business Email Compromise Attacks
The good news? Safeguarding your business from Business Email Attacks is neither complicated nor expensive. By following these steps, you can significantly reduce your risk:
1. Educate Your Team:
a.Train employees regularly on how to identify phishing and other suspicious emails that could lead to a Business Email Compromise.
b. Encourage a culture of curiosity where employees feel empowered to question unusual or urgent requests, even if they seem to come from executives.
c. Share real-life examples of BEC scams to help your team understand how these attacks work and evolve.
2. Implement Robust Verification Processes:
a. Establish a two-step verification system for all financial transactions or sensitive data requests. For instance, confirm requests verbally or through a secondary secure channel.
b. Create and enforce clear policies for handling unusual or unexpected financial requests.
c. Use secure communication tools for internal approvals to minimize exposure to external threats.
3. Strengthen Email Security Measures:
a. Employ advanced email filtering tools to block phishing attempts and spam before they reach inboxes.
b. Require multi-factor authentication (MFA) for all email accounts to make unauthorized access more difficult.
c. Enable domain-based email authentication systems like SPF, DKIM, and DMARC to protect against email spoofing.
4. Foster a Cyber-Savvy Culture:
a. Promote an environment where employees are encouraged to slow down and double-check before acting on any request, especially those involving sensitive information or financial actions.
b. Recognize and reward employees who report potential scams to encourage vigilance across the organization.
c. Make cybersecurity a shared responsibility by integrating it into daily operations and decision-making processes.
5. Test Your Defenses:
a. Conduct regular phishing simulations to assess and improve your team’s ability to detect Business Email Attacks.
b. Evaluate your cybersecurity policies and procedures periodically to ensure they remain effective against emerging threats.
By implementing these proactive measures, your business can build a robust defense against Business Email Compromise attacks and protect both its finances and reputation.
Don’t Take Chances with Your Business Security
Preventing a Business Email Compromise attack starts with proactive measures and ongoing vigilance.
If you’re unsure where to start or want expert assistance in securing your business, contact Cleartech Group today. Visit us at www.cleartechgroup.com to schedule your cybersecurity consultation.
Together, we can ensure your business stays protected from the rising threat of Business email compromise attacks.