Apr 21, 2023
Sohini Roy
Business Email Compromise (BEC) is a type of cyber attack targeting companies through fraudulent email messages that trick employees into performing actions like transferring funds or sharing sensitive information. These attacks have significant financial and reputational impacts, with the average attack costing over $140,000 according to the FBI.
What is Business Email Compromise?
BEC attacks often target organizations involved in wire transfers and the export of goods. Attackers gain access to email accounts and use them to send fraudulent messages to employees, convincing them to take actions that lead to financial losses or information theft. These attacks can also damage a company’s reputation and hinder internal communications.
Effects of BEC:
The impact of BEC attacks is not limited to financial losses. They can erode trust among employees, disrupt operations, and cause reputational damage. Victims of these attacks often transfer funds or share critical information without realizing the consequences until it is too late.
How to Prevent BEC:
Organizations can mitigate BEC risks by taking proactive measures:
Implement two-factor authentication (2FA): This adds an extra layer of security, requiring two forms of identification to access accounts.
Create strong passwords: Ensure passwords are complex, containing a mix of letters, numbers, and symbols.
Be cautious of unusual emails: Verify the legitimacy of emails, especially those requesting unusual actions, and avoid clicking suspicious links or opening unexpected attachments.
Conclusion:
BEC attacks are increasing in frequency, and organizations must remain vigilant. Employee training on how to identify phishing attempts, combined with advanced email security solutions, can help detect and block these threats before they cause harm.
About Genesis:
Genesis is a comprehensive cyber risk management platform that integrates attack surface and third-party risk management. The platform helps businesses monitor their cybersecurity posture, reduce vulnerabilities, and prevent data breaches through proactive risk assessment and threat detection.
