Business E-mail Compromise (BEC) is rapidly becoming one of the most dangerous cyber threats businesses face. While BEC scams have been around for years, the rise of advanced AI tools has made them more sophisticated—and far more dangerous.
In 2023, BEC scams resulted in $6.7 billion in global losses. Even more alarming, a study by
What Are BEC Attacks?
BEC scams go beyond traditional phishing attempts. They’re highly targeted cyberattacks where criminals exploit e-mail accounts to trick employees, partners, or clients into sharing sensitive information or transferring funds.
Unlike generic phishing, BEC scams often involve impersonating trusted individuals or organizations, making them far more convincing and effective.
Why Are BEC Attacks So Dangerous?
BEC scams are alarmingly successful because they rely on manipulating human trust rather than malware or attachments, which can often be detected by filters. Here’s what makes them so destructive:
They can lead to:
- Significant Financial Losses: A single convincing e-mail can result in unauthorized payments or data theft. The average loss per attack exceeds $137,000, and recovering stolen funds is nearly impossible.
- Operational Disruption: An attack can disrupt business operations, causing downtime, audits, and internal chaos.
- Reputational Damage: How do you explain to clients that their sensitive data may have been compromised?
- Loss of Trust: Employees may feel less secure, knowing their organization was vulnerable.
Common BEC Scams To Watch Out For
BEC scams take many forms. Here are a few of the most common:
- Fake Invoices: Cybercriminals impersonate vendors and send realistic invoices requesting payment.
- CEO Fraud: Hackers pose as company executives, pressuring employees to transfer funds under tight deadlines.
- Compromised E-mail Accounts: Legitimate accounts are hacked and used to send malicious requests.
- Third-Party Vendor Impersonation: Trusted vendors are spoofed, making fraudulent requests appear routine.
How To Protect Your Business From BEC Attacks?
The good news? BEC scams are preventable with the right strategies in place:
1. Train Your Team Like It’s Game Day
- Teach employees how to recognize phishing e-mails, especially those marked “urgent.”
- Require verbal confirmation for any financial request.
2. Implement Multifactor Authentication (MFA)
- MFA adds an extra layer of security, even if a password is compromised. Enable MFA on all accounts, particularly e-mail and financial platforms.
3. Test Your Backups
- Regularly restore data from backups to ensure they work. A faulty backup during an attack could cripple your business.
4. Get Serious About E-mail Security
- Use advanced e-mail filters to block malicious links and attachments.
- Audit access permissions regularly and revoke access for former employees immediately.
5. Verify Financial Transactions
- Always confirm large payments or sensitive requests via a separate communication channel, like a phone call.
Next Steps For Cybersecurity
Cybercriminals are evolving, but you can stay one step ahead by training your team, securing your systems, and verifying transactions. These proactive steps can turn your business into a fortress against BEC attacks.
Want to ensure your business is secure? Start with a FREE Network Assessment to identify vulnerabilities, secure your systems, and keep cybercriminals out.
Let’s stop BEC in its tracks—before it stops your business.
