Stop! Think Before You Act on That Email: Protecting Your Business from BEC Attacks

In the fast-paced world of business, it’s easy to respond to emails without giving them much thought. Whether it’s a request for information or an invoice payment, we often act quickly to keep things moving. But what if that seemingly innocuous email is actually a Business Email Compromise (BEC) attack?

BEC attacks occur when cybercriminals gain access to your business email account and use it to deceive your employees, customers, or partners into sending them money or sensitive information. They do this by impersonating someone in a position of authority and exploiting trust.

While it may seem like a problem faced only by large corporations, small and medium-sized businesses are equally vulnerable. The FBI reports that BEC attacks have cost businesses over $26 billion in recent years. Microsoft’s findings indicate that these attacks are becoming increasingly destructive and difficult to detect.

So how can you protect your business from falling victim to a BEC attack? Here are five crucial steps:

1. Educate your employees: Your employees are the first line of defense against BEC attacks. Ensure they know how to identify phishing emails, suspicious requests, and fake invoices. Provide regular training on cybersecurity best practices, including strong passwords, multi-factor authentication, and secure file sharing.
2. Implement advanced email security solutions: Basic protections like anti-spam and antivirus software are no longer sufficient to block BEC attacks. Invest in advanced solutions utilizing artificial intelligence and machine learning to detect and prevent these attacks in real-time. Opt for email security providers that offer features like DMARC, SPF, and DKIM.
3. Establish transaction verification procedures: Before transferring funds or sensitive information, confirm the authenticity of the request through a verification process. This could include a phone call, video conference, or face-to-face meeting. Avoid relying solely on email for verification.
4. Monitor your email traffic: Keep an eye on your email traffic for anomalies and unusual patterns. Look for red flags like unknown senders, strange login locations, changes to email settings or forwarding rules, and unexpected emails. Implement a clear protocol for reporting and responding to suspicious activity.
5. Keep your software up to date: Always run the latest version of your operating system, email software, and other applications. Updates often include crucial security patches that address known vulnerabilities.

BEC attacks may be on the rise, but with awareness, training, and robust security measures, your business can stay protected. Don’t wait until it’s too late – act now to safeguard your business from cyber threats. If you need assistance in fortifying your business against cyberattacks, our team is here to help. Give us a call.