7 Ways to Fortify Your Defenses Against Business Email Compromise

Email is one of the most widely used modes of communication, particularly in the business world. It is, however, one of the most vulnerable to cyber-attacks. 

You must have heard about high-profile cyberattacks in the news and may have also believed that ransomware and phishing-related attacks are the most dangerous forms of cyberattacks your organization may face. However, although these forms of cyberattacks receive a lot of media attention, one that is making waves in the cyberattack trends is Business Email Compromise (BEC). 

According to Help Net Security, 71% of organizations have been subjected to BEC attacks. Also, for the third year in a row, BEC schemes were the most expensive cybercrime reported to The FBI’s Internet Crime Complaint Center.

Although ransomware is receiving more attention, cybercriminals are reaping far greater rewards through Business Email Compromise, as they have made at least 17 times more money per incident than ransomware. Business Email Compromise continues to be a major persistent and growing threat to businesses of all sizes and industries. This type of cyber-attack targets businesses via email and can have disastrous consequences if not addressed quickly. 

How Business Email Compromise Works? 

A business email compromise is essentially a targeted phishing scam in which the bad guys pose as high-level managers, legal representatives, CEOs, or other C-Suite executives — often someone an employee feels they shouldn’t question. They mainly target employees as they are viewed as the weakest link in the company.

The most basic they carry out this type of attack is to create an email address similar to the target company’s domain name or hack into the real one. The email then dupes an employee into handing over sensitive data or conducting a financial transaction, often claiming that the action is “urgent” and cannot be delayed. They are intended to increase pressure and exploit emotions like fear and trust. 

These scams can be extremely harmful to both large and small businesses. In the case of small to medium-sized businesses, they are increasingly reliant on remote team members and contractors, as well as regular but infrequent suppliers. Not only is email the primary mode of communication, but the implicit trust within smaller teams and business networks can often lead to people acting without hesitation.

BEC attacks can be very sophisticated and difficult to detect, as the attackers often take their time to study the targeted company’s internal processes and communication patterns to make their fraudulent activities appear more legitimate. As a result, businesses need to fortify their defenses against BEC attacks.

7 Ways to Fortify Your Defenses Against Business Email Compromise

To defend against the threat of a Business Email Compromise attack, people and organizations need to be aware of the danger and how to keep their business email secure. Here is a list of some ways to fortify your defense:

1. Recognize the threat

The first element of a strong defense is simply being aware. Learn how to recognize common BEC scenarios and various tactics used by cybercriminals, such as emails with an urgent tone and impersonations of a trusted vendor or executive. Always check the domain name of an email sender, and never click a link unless you are certain you are being directed to a secure, authentic website.

2. Educate your employees

Adequate cyber security training will assist employees in understanding the risks and implications of these attacks and how to respond to them. Because BEC attacks target human weaknesses, an effective training program should emphasize employees’ role in such attacks. Proper IT control guidance can empower employees to make the best security decisions. Also, effectively train your employees on best practices for email security, such as verifying the sender’s email address, checking for suspicious links or attachments, and reporting any suspicious emails to IT or security personnel.

3. Understand red flags

Recognize the warning signs. Check for inconsistencies in hyperlinks and the sender’s email address. The email could be from the company’s CEO, a high executive member, or a trusted client. By clicking on such links, you may be directed to a fake URL where the hacker wants to access sensitive information such as your financial records, usernames, and passwords or infect your computer and network with malicious malware. Misspellings, poor grammar, and a sense of urgency should raise red flags. Hover your mouse pointer over the link to verify the address to validate the legitimacy of the emails and URLs.

4. Email Filtering

Implement email filters that detect and block suspicious emails, such as those with suspicious attachments or links or those coming from unknown or unverified senders.

5. Make use of multi-factor authentication. (MFA)

Implement multi-factor authentication for all of your online systems. MFA includes one-time passcodes typically delivered via email, SMS, or a mobile app. Even if cybercriminals obtain a username and password, they will still require a second form of identification. MFA lends legitimacy to the person requesting access.

6. Payment verification

Implement a system of checks and balances for financial transactions, such as requiring multiple levels of approval for wire transfers or payments above a certain threshold.

7. Regular security audits

Conduct regular security audits to identify vulnerabilities in your email system and other systems that attackers could exploit. This can help you proactively address security issues before cybercriminals exploit them.

Ready to Fortify Your Defenses Against BEC Attacks?

Implementing anti-spear phishing solutions that use a core set of AI technologies can help safeguard against BEC attacks and strengthen your front-line defenses to reduce the likelihood of your organization falling victim to business email compromise.Unbound Digital provides robust solutions to safeguard business systems and data against today’s most dangerous threats. Contact our IT experts today to find out how your company can benefit from working with us.