The Danger of Business Email Compromise (BEC)

Business Email Compromise attacks rose by 81% in 2022, mainly as employees fail to report the threat.

Email has become an essential part of our daily lives, and its used for various reasons, one being for business. However, with the increasing dependance and usage of this digital technology, it introduces a rise in cyber crime.

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.

The Dangers of Business Email Compromise

Of course, with any cyber attack comes damage to a business. Here’s the danger and damage that Business email compromise can cause.

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.

How to Prevent Business Email Compromise

You shouldn’t just let hackers approach your business and let them take over. There are many things you can do to instantly lower the risk of being compromised.

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.

Conclusion

Business Email Compromise poses a serious threat to organizations of all sizes and industries. By understanding the dangers it presents and implementing proactive prevention strategies, businesses can significantly reduce their vulnerability to such attacks.

Safeguarding your email ecosystem through employee training and extra security measures will help protect your organization’s finances, data, and reputation from the insidious threat of Business Email Compromise. Stay vigilant, stay informed, and stay ahead of cybercriminals to keep your business safe.

Never fall a victim to hackers again.

At Reformed IT, Our clients receieve cyber security training, to make sure they never get caught out by a scam or hackers.

Check out how important cyber security training could be for your business.

 

Interested in what else our IT Support package includes?

There are many reasons that IT support with Reformed IT is a great choice for your business or organisation. If you choose Reformed IT for your IT support, you'll receive all these benefits including help from members of our experienced team when needed.

Unlimited IT Support

We provide fully inclusive, onsite and remote IT support. In addition to that, it won't cost you extra for an engineer to attend your site to resolve a technical issue.

Device Status Monitoring

When we take on your IT support, we deploy our monitoring agent onto all devices and servers. This alerts us to any issues which you may be unaware of.

Data Breach Monitoring

There are over 8 billion breached passwords and personal information available on the dark web. There's a possibility that some of this data relates to your employees. We'll monitor dark web activity and provide reports of breached passwords.

Cyber Essentials Certification

We ensure every one of our clients achieve their Cyber Essentials certification at no additional cost. We also help them towards Cyber Essentials Plus ensuring that everything is ready for assessment.

Office 365 Monitoring

We monitor your Microsoft 365 tenancy with our 24/7 security operations centre. If there is strange activity we'll find it immediately  and alert you or resolve the issue straight away. Keeping your business secure.

Anti-Virus Software

Everyone wants to avoid computer viruses. We include anti-virus software as part of our IT support package to keep your devices safe and to save time when it comes to viruses.

Email Security

Over 90% of cyber attacks start with a phishing email. It's crucial that your business has the best defence against cyber criminals and scams when regarding your mailbox.

Backups for Office 365

We will ensure that all of your emails and files are backed up, at no extra cost. We recognise the importance of backups and disaster recovery so we feel it shouldn't be an added extra.

Managed Email Signatures

With our included Exclaimer signatures for Office 365 service, you can get more out of your email signatures instead of a simple message with no images.

Cyber Security Training

To keep you even safer from hackers, we provide globally recognised and market leading Cyber security training by PhishingTackle. This online training portal will provide your teams with guidance and information to reduce the risk of hackers and scams.

Asset and Warranty Tracking & Reporting

We provide you with a list of your current assets in the business by using our powerful remote management tools. This creates a monthly asset report so you can keep track of your hardware life cycles.

Reformed IT Academy

We'll provide your business with the best IT training and learning sources. With the Reformed IT Academy, you’ll be able to watch and complete over 700 courses to help grow your knowledge and skills.

Password Manager

Password managers make storing and creating passwords much easier and safer. Keeper password manager also auto-fills passwords making the sign in proccess much quicker.

Cyber Threat Monitoring

With Huntress, you'll have an extra layer of security to help keep hackers out of your business. You'll be able to Monitor cyber attacks and malicious activity.

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