February 20, 2025
Business e-mail compromise (BEC) is
quickly becoming one of the most dangerous cyberthreats businesses face. While
these scams have challenged organizations for years, the introduction of
advanced AI tools has made them more sophisticated - and far more dangerous.
In 2023, BEC scams caused $6.7
billion in global losses. Even more alarming, a study by Perception Point
revealed a 42% increase in BEC incidents during the first half of 2024
compared to the same period the year prior. With cybercriminals harnessing AI
to refine their techniques, this trend is only accelerating.
What Are Business E-mail
Compromise (BEC) Attacks?
BEC scams aren't your average
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 result in:
● Severe
Financial Losses: One 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 grind business operations to a halt,
leading to 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 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
The good news? BEC scams are
preventable with the right strategies in place:
- Train Your Team Like It's Game Day
○ Teach employees to spot phishing
e-mails, especially those marked "urgent."
○ Require verbal confirmation
for any financial request.
- Enforce Multifactor Authentication (MFA)
○ MFA acts as a safety net,
even if a password is compromised. Enable it on all accounts, particularly e-mail
and financial platforms.
- Test Your Backups
○ Regularly restore data from
backups to ensure they work. A faulty backup during an attack could cripple
your business.
- 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.
- Verify Financial Transactions
○ Always confirm large payments
or sensitive requests via a separate communication channel, like a phone call.
Next Steps For Security
Cybercriminals are evolving, but you
can stay one step ahead. By training your team, securing your systems and
verifying transactions, you can turn your business into a fortress against BEC
scams.
Want to ensure your business is
protected? Start with a FREE Network Assessment to uncover vulnerabilities,
secure your systems and keep cybercriminals out. Give us a call at 914-923-0161.
Click here to schedule your FREE
Network Assessment today!
Let's stop BEC in its tracks - before
it stops your business.