Your Workplace Is at Risk: How to Prevent Business Email Compromise Attacks

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Your Workplace Is at Risk: How to Prevent Business Email Compromise Attacks

Email has become one of the most popular forms of commercial communication. Email is used for business in almost every industry, from retail to IT, music to agricultural, real estate to construction. The bad news is that emails are a primary source of cybercrime, such as corporate email compromise (BEC) assaults.

BEC is a prevalent problem for both small and big enterprises, costing billions of dollars over time. So, what exactly are BEC scams? And how can you thwart opportunistic cybercriminals?

What Is Business Email Compromise?

A business email compromise (also known as a man-in-the-email attack) is a scam in which a cybercriminal gains access to a corporate email account and impersonates the owner in order to get key business information or swindle the firm and its partners, workers, and customers.

BEC assaults are difficult to detect because the emails lack some of the characteristics of other forms of phishing attempts. For example, in many situations, BEC assaults lack harmful URLs or attachments, making it difficult for typical security measures such as spam link checkers to identify them. They are, nevertheless, not difficult to plan for and avoid.

How to Prevent Business Email Compromise Attacks

The most effective strategy to battle email scams is to avoid them in the first place. To defend yourself against BEC assaults, use these recommendations and best practices.

1. Set Up Two or Multi-factor Authentication for All Company Email Accounts

MFA and 2FA are cybersecurity solutions that provide an additional degree of security to passwords. This makes it more difficult for attackers to compromise email accounts and use them to launch BEC assaults.

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To access your email, attackers must have something else (an authentication app, key, or phone) in their hands. Allow MFA for high-risk personnel, such as payroll clerks, C-level executives, and administrators.

Two-factor authentication may also include calling trusted numbers to validate urgent demands before transferring payments to a known vendor.

2. Train Employees to Recognize BEC Attacks

Employees are an organization’s most important asset, but they are also its weakest link in terms of cybersecurity. Training staff on how to identify phishing emails and react to questionable communications is a vital step in defending your firm against BEC assaults.

3. Establish Strict Processes for Wire Transfers

Your organization should always be wary of wire transfer requests, particularly ones that must be handled fast or without sufficient identification.

Examine the email seeking money transfer to ensure its validity before replying to a wire transfer request. Ideally, wire money transfer requests should always be confirmed by a method other than email. Requests may be verified in person or by phone call to previously known numbers (not one in the email).

For financial transactions, transactional parties should be aware of and follow explicitly stated authorisation procedures. When a vendor discloses new financial information, your organization, for example, should have extra verification processes in place.

4. Implement DMARC Protection

Domain-based Message Authentication, Reporting, and Conformance (DMARC) is a popular email security standard that is well-known for its spam-filtering capabilities. DMARC helps identify and prevent threats from a variety of email frauds, including BEC assaults.

Stop BEC in Its Tracks

Businesses have increased their digitization in recent years, with employers transferring their employees to remote working, eliminating paper printouts, and increasing their usage of emails. However, the more organizations depend on email, the more probable cybercrime, such as BEC assaults, will flourish.

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BEC assaults are a very successful means of tricking victims into transmitting money or sensitive information. These frauds pose a severe danger to organizations, and they must be addressed. BEC attacks may be avoided by educating your staff, validating wire transactions, and enabling multi-factor authentication.

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