The Danger of Business Email Compromise (BEC)

What is Email Business Compromise (BEC)?

Business Email Compromise refers to a malicious scheme where cybercriminals gain unauthorized access to a business email account to conduct fraudulent activities.

These attackers employ social engineering tactics, spear-phishing techniques, and careful reconnaissance to trick employees into believing that they are communicating with trusted colleagues or business partners.

Financial Losses

BEC attacks can often lead to financial losses. Cybercriminals use compromised email accounts to obtain private information. They may then demand a sum of money from the business, threatening to exploit or disclose the data. In some cases, they may even demand payment to restore access to the compromised accounts.

Depending on the size of the business, the ransom amounts can be substantial, resulting in significant losses. However, it’s important to note that even after an attack, businesses cannot assume they are safe from future compromises.

Data Breach and Privacy Risks

As mentioned in the previous point, once a hacker gains access to one of your business’s email accounts, they can also gain access to the business’s private data.

This could include information such as customer data, financial records, and personally identifiable information. Such breaches can result in severe legal and regulatory consequences.

Reputational Damage

Falling victim to a business email compromise attack can damage an organisation’s reputation and erode customer trust, relationships, and potential business opportunities.

Once word spreads that your business has been targeted by a cyber attack, the loss of trust can have long-lasting effects, potentially hindering future growth opportunities.

Cyber Security Training for Employees

98% of successful cyber attacks are caused by employee error and awareness. So supplying your employees with cyber security training is a must.

Training will help your employees to identify a scam so it’s best to implement regular training session and simulated phishing exercises to enhance their awareness.

You can learn more about Cyber security for your employees and how Reformed IT can help your business here.

Implement Multi-Factor Authentication

Now, this is something your business should already be practicing. Multi-factor authentication (MFA) is one of the strongest security methods, and it’s remarkably easy to implement.

Ensure that all your accounts have MFA or 2FA enabled. It acts as a solid barrier for your accounts against hackers, making it exceedingly difficult for them to gain unauthorized access.

Learn more about the importance of MFA here.

Email Security Solution

Here a Reformed IT, we use and supply our clients with the best email security protection solutions and to make sure they never become a victim to cyber attacks and scams.

We use Mimecast which defends against all forms of email compromises, from the newest zero-day attack to ransomware, which is crucial for all businesses.

Mimecast also improves employee cyber security behaviour and reduces risk from simple human errors with effective cyber awareness training.

You can learn more about Email Security solutions for your business here.

Regular Security Audits 

An IT security audit/cyber security audit is an in-depth list/description on how secure a business’ security is and if possible, ways to improve it. Usually, a cyber security expert will visit your office/site to identify risks within the workplace and devices being used. 

It’s very important to have regular security audits as it will identify any gaps in your businesses security, so you’ll be able to find a solution before it’s too late.

We offer free IT security audits to East-Midlands based businesses, if you’re interested, check it out here.