What Are BEC Attacks?
Business email compromise (BEC) is a prevalent cyber-crime scam that poses a significant threat to organizations of all sizes and industries worldwide with the potential to cause substantial financial losses. Compromised email accounts are used in various BEC-like scams, making detection and prevention challenging. In this blog, we will discuss the top six tips to help you safeguard your business against BEC attacks and outline what types of BEC attacks target which people.
How to Prevent BEC Attacks
- Employee Education and Awareness:
The first line of defence against BEC attacks is to educate employees about the nature of these scams and the red flags to watch out for. Conduct regular training sessions to raise awareness about phishing techniques, suspicious email behaviours, and the importance of verifying requests for sensitive information.
- Implement Multi-Factor Authentication (MFA):
Strengthen your email security by implementing multi-factor authentication across all user accounts. MFA adds an extra layer of protection by requiring users to provide additional verification, such as a unique code sent to their mobile device, in addition to their passwords in order to access their accounts.
- Strong Passwords and Regular Updates:
Encourage employees to use strong, unique passwords and regularly update them. Implementing password policies that enforce complexity and expiration rules can significantly reduce the risk of unauthorized access to email accounts.
- Email Filtering and Anti-Spam Solutions:
Deploy robust email filtering and anti-spam solutions to prevent suspicious emails from reaching employee inboxes. IP Partners offer anti-spam solutions which use advanced algorithms and machine learning to identify and block phishing attempts and malicious attachments before hitting your inbox.
- Establish Financial Transaction Verification Procedures:
Establish strict verification procedures for financial transactions, especially those involving large amounts or changes in payment details. Implement a dual-authorization process and utilize out-of-band communication channels, such as phone calls, to verify any significant financial requests.
- Regular Security Audits and Updates:
Regularly conduct security audits of your systems, networks, and email infrastructure. Stay updated with the latest security patches and software updates to ensure vulnerabilities are promptly addressed. This is one of IP Partners’ specialties. They periodically audit your businesses security systems to ensure there are no gaps which need mitigating. They also ensure that all your systems stay up to date.
Who is Most Often Targeted by BEC Attacks?
There are different types of BEC attacks including false invoice scams, CEO fraud, account compromise, attorney impressions, and data theft. Any employee in an organisation could be faced with any one of these attacks but usually:
Account Compromise – target an organisations customer by impersonating the company requesting payments to the scammer’s payment details.
Attorney Impersonation – target new/low level employees in efforts to take advantage of their likelihood to comply with legal representative as they may not know how to validate such a request. The scam request will often seem time sensitive and confidential to increase pressure and prevent verification.
Data Theft – targets HR and finance employees in efforts to steal sensitive information about an organisation’s employees.
Protecting your business from BEC attacks requires a multi-faceted approach that combines employee education, technical safeguards, and vigilant monitoring. By following these six tips, you can significantly reduce the risk of falling victim to BEC scams. Remember, proactive prevention is the key to safeguarding your organization’s financial resources and reputation from these increasingly sophisticated cyber threats. Stay informed, stay vigilant, and stay secure.
For more information about how to keep your business safe from BEC attacks visit the IP Partners website https://www.ippartners.com.au/ or call (08) 7200 6080 to speak to a professional.
To keep up to date with important business and technology news and information follow us on: