How often do you respond to an email without giving much thought to its contents?

It could be a routine request for information or a seemingly harmless invoice payment. But before you know it, you’ve fallen victim to a dangerous Business Email Compromise (BEC) attack.

A BEC attack occurs when cybercriminals gain access to your business email account and exploit it to deceive your employees, customers, or partners into sending money or sensitive information. They cleverly impersonate someone in a position of trust, making it harder to detect their fraudulent schemes.

You might think that BEC attacks only target large corporations, but the truth is small and medium-sized businesses are equally susceptible. In fact, these attacks have resulted in losses exceeding $26 billion in recent years, as revealed by the FBI. To make matters worse, Microsoft’s recent findings indicate that these attacks are becoming more destructive and evasive.

So, what can you do to safeguard your business against BEC attacks?

Here are some essential recommendations:

1. Educate your employees: Your team is your first line of defense. Provide regular training on cybersecurity best practices, such as recognizing phishing emails, identifying suspicious requests, and handling fake invoices. Emphasize the importance of strong passwords, multi-factor authentication, and secure file sharing.
2. Employ advanced email security solutions: Basic email protection measures like antispam and antivirus software are no longer sufficient to thwart BEC attacks. Invest in advanced solutions that leverage artificial intelligence and machine learning to detect and prevent these attacks in real-time. Look for email security providers offering features like domain-based message authentication, reporting, and conformance (DMARC), sender policy framework (SPF), and DomainKeys Identified Mail (DKIM).
3. Establish transaction verification procedures: Before transferring funds or sensitive information, establish a verification process that verifies the authenticity of the request. This could involve phone calls, video conferences, or face-to-face meetings. Relying solely on email for confirmation is no longer safe.
4. Monitor your email traffic: Regularly monitor your email traffic for any signs of anomalies or unusual patterns. Watch out for unknown senders, unexpected emails, unusual login locations, changes to email settings or forwarding rules, and other suspicious activities. Implement a clear protocol for reporting and responding to any suspicious incidents.
5. Keep your software up to date: Ensure that your operating system, email software, and other applications are always up to date with the latest versions. These updates often include crucial security patches that address known vulnerabilities.

BEC attacks are on the rise, becoming increasingly sophisticated. However, with the right awareness, training, and security measures in place, you can protect your business.

Don’t wait until it’s too late – take action today to safeguard your business. If you’d like to learn more about protecting your business from cyber threats, our team is ready to assist you. Feel free to give us a call.