Email is the Starting Point for 91% of Cyberattacks on your Business

All businesses, no matter their size, are vulnerable to a variety of online cyber threats, among which Business Email Compromise (BEC) stands out as a particularly insidious threat. 

BEC is a form of cyber deception where hackers gain control of legitimate corporate email accounts to conduct unauthorized financial transactions or steal confidential information. This strategy abuses the inherent trust between colleagues and can lead to devastating financial losses. Business leaders must recognize this threat and implement critical safeguards.

Decoding Business Email Compromise. BEC goes beyond complex phishing schemes; it’s a highly targeted attack. Criminals meticulously choose a target business, studying its internal structure and employee roles. They may hijack a high-ranking official’s email or pose as them, sending out fraudulent requests for money transfers or private data to unsuspecting staff. Sometimes, these frauds even impersonate suppliers or partners, requesting changes to payment instructions. These deceptive emails, appearing to be from reliable sources, pose a significant detection challenge.

Enterprise level tools and education are some of the best ways to protect your business from cyber threats you'll see in your organizations inboxes.

The Gravity of the Threat. The impact and scope of BEC cannot be overstated. The FBI’s 2022 Internet Crime Report noted 21,832 BEC incidents, with losses topping $2.7 billion. The true financial impact is likely even greater, as some companies choose not to report such breaches to protect their reputation. The shift towards remote work has only heightened this risk, with employees depending more on email for communication. Verizon’s studies show that BEC incidents have almost doubled, now representing over half of all social engineering attacks. IBM’s analysis also places BEC in the top three attack strategies of 2022. Recently, cybercriminals have been leveraging generative AI technologies, like WormGPT, to create alarmingly realistic fake emails for their BEC campaigns.

Strategies for Mitigating BEC Risks. Combating BEC requires a comprehensive approach. Education is paramount; businesses must train their workforce, especially those in finance and HR, to spot signs of BEC and verify any unusual requests, no matter who they seem to come from. Technical measures like multi-factor authentication (MFA) enhance email security by preventing unauthorized access. Additionally, policies that require multiple approvals for large transactions or payment detail updates add a critical security layer.

However, relying solely on tools like MFA is not enough, as cybercriminals are constantly developing new methods to bypass these defenses. This is where IT PROTECT's Managed Detection and Response (MDR) services become essential. MDR offers ongoing surveillance and proactive threat hunting, catching irregularities that standard security measures may miss. A 24/7 Security Operations Center (SOC) ensures swift identification and mitigation of potential threats. Our cybersecurity platform has seen an average of 60 BEC attempts weekly. A robust defense against BEC and other cloud-based dangers includes a blend of cybersecurity education, MFA, MDR, and a dedicated SOC.

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While you can't prevent 3rd parties from leaking your data, you can shield your business from the consequences of their security failures (and level up your own security game in the process!).

Wondering if your business accounts have been compromised or have been exposed in a data breach? Let's find out. It's free. Find out here: https://cloudmatrixit.com/#DarkWebReport

Red Flags of Business Email Compromise 🚩

1. Spoofed address – Look carefully at the actual domain name, not just the sender’s display name. This spoofed domain has an extra character in the company name.

2. Malicious link – This link actually leads to a credential harvesting site. Hover your mouse pointer over the link before clicking it to confirm that it's going to the expected address.

3. Real data used to fool you – Because hackers may be monitoring your email, they may jump into a legitimate thread. In this case, the first message in the sequence came from a real vendor talking about a real invoice. The hackers have inserted themselves and took over the discussion, cutting the real vendor out of the thread.

4. Timing – This is a fake email from the scammer, who sent the request late in the week, hoping to catch an employee rushing to complete tasks before leaving.

5. Suspicious attachments – If you’re not expecting an attachment, don’t open it. Call the sender to confirm it’s a legitimate file.

6. Sudden change in normal procedure and/or urgency – Be extremely wary of changes in deadlines, bank accounts, etc. Call your contact to confirm what’s happening.

7. Unusual name usage – Hackers posing as legitimate contacts often fumble the details of names, so pay attention to any discrepancies, such as someone who normally goes by “Michael” signing a message as “Mike.”

If you're ready to take control and secure your business data, reach out for a chat. IT PROTECT can provide the IT support you need and the critical security your business must have.

Cloud Matrix IT™ is a managed IT and technology consulting firm who specializes in providing proactive IT solutions to small and medium-sized businesses. We designed IT PROTECT specifically for the SMB. IT PROTECT is a comprehensive suite of solutions & processes that help your business save time, reduce costs, provide your staff IT support, and help you stay protected with our fully managed 24/7/365 SOC+ cybersecurity platform. Yes, even weekends and holidays.