How many times a day do you reply to an email without giving it any thought? It could be a request for information. Perhaps it is requesting payment on an invoice. It’s all quite mundane. But before you know it, you’ve been the victim of a Business Email Compromise (BEC) attack.
A business email compromise (BEC) assault occurs when a cyber criminal acquires access to your business email account and utilizes it to deceive your employees, clients, or partners into sending them money or sensitive information. They accomplish this by imitating a senior official and exploiting their position of trust.
It may appear that this is something that only happens to large organizations, but this is not the case
Small and medium-sized companies, according to the FBI, are just as vulnerable to BEC assaults as larger ones. In fact, over the last few years, these attacks have cost corporations more than $26 billion.
And Microsoft provides more bad news, revealing that they’re becoming both more harmful and more difficult to detect.
So, how can you protect your company from BEC attacks?
- Educate your employees: they are the first line of defense against BEC attacks. They must be able to identify phishing emails, questionable requests, and false bills. Train them on cyber security best practices such as strong passwords, multi-factor authentication, and safe file sharing on a regular basis.
- Use modern email security solutions: Antispam and antivirus software are no longer sufficient to prevent BEC assaults. To detect and prevent these assaults in real time, you need more powerful systems that leverage artificial intelligence and machine learning. Look for email security providers who provide domain-based message authentication, reporting, and compliance (DMARC), sender policy framework (SPF), and DomainKeys Identified Mail (DKIM).
- Establish transaction verification procedures: Before transmitting payments or sensitive information, create a verification process that ensures the request’s validity. This could be a phone call, video conference, or in-person meeting. Do not rely just on email to confirm these types of requests.
- Monitor your email traffic: Regularly monitor your email traffic for anomalies and unusual patterns. Unknown senders, strange login locations, changes to email settings or forwarding rules, and unexpected emails are all red flags. Make certain that you have a clear procedure in place for reporting and responding to any suspicious activity.
- Keep your software up to date: Always use the latest version of your operating system, email software, and other software applications. These updates frequently contain critical security patches that address known vulnerabilities.
BEC assaults are growing more widespread and complex, but you can defend your business with the correct awareness, training, and security solutions.
Don’t wait until it’s too late – take action today to keep your business safe.
If you want to know more about how to protect your business from cyber threats, our team is always ready to help you. Give us a call.