Business Email Compromise (BEC) Attacks Are on the Rise. (Tips to Fight It)

Business Email Compromise (BEC) attacks are on the rise in Canada, and the damage they can cause is significant. BEC attacks are a type of phishing scam that targets businesses, and they are becoming more sophisticated and difficult to detect. 

This article will discuss what BEC attacks are, why they are becoming more prevalent, and what businesses can do to protect themselves.

What are BEC Attacks?

BEC attacks are a type of phishing scam that targets businesses. The attackers use social engineering tactics to trick employees into revealing sensitive information, such as login credentials or financial information. 

The attackers then use this information to gain access to the business’s systems, steal sensitive data, or initiate fraudulent wire transfers.

There are several different types of BEC attacks, including CEO fraud, account compromise, and attorney impersonation. In CEO fraud, the attacker impersonates the CEO or another high-ranking executive and sends an email to an employee asking them to initiate a wire transfer or make a payment. 

Account compromise involves the hacker gaining access to an employee’s email account and using it to send fraudulent emails, and attorney impersonation occurs when the attacker poses as a lawyer or law firm and sends an email requesting payment for legal services.

Why are BEC Attacks Becoming More Prevalent?  

There are several reasons why BEC attacks are becoming more prevalent. First, businesses are increasingly relying on email for communication and financial transactions, making them an attractive target for attackers. 

Second, the COVID-19 pandemic has created new opportunities for attackers, as businesses have had to adapt to remote work and may be more vulnerable to social engineering tactics. Finally, BEC attacks are becoming more sophisticated, making them more difficult to detect.

Tips to Protect Your Business From BEC Attacks 

There are several steps that businesses can take to protect themselves from BEC attacks. 

Educate Employees

First, businesses should educate their employees on how to recognize and respond to phishing scams. Employees should be trained to verify the authenticity of any email that asks for sensitive information or requests a wire transfer or payment.

Implement Access Controls 

It’s also necessary to implement strong access controls to prevent unauthorized access to systems. This includes implementing two-factor authentication, limiting employee access to sensitive data, and regularly reviewing access logs.

Review Transactions

Businesses should regularly review their financial transactions and look for any unusual activity, such as wire transfers to unfamiliar accounts or changes in payment details.

Implement Email Security

It’s also important to implement email security measures such as anti-spam and anti-phishing filters, and email encryption. These measures can help detect and block malicious emails before they reach employees’ inboxes.

Planned Response 

Finally, businesses should have a plan in place for responding to a BEC attack. This plan should include steps for notifying employees, customers, and law enforcement, as well as steps for containing and remedying the attack.

What Should You Do if Your Business is Targeted by a BEC Attack?  

If your business is targeted by a BEC attack, it is important to act quickly to minimize the damage. 

Contact Your Bank 

The first step is to contact your bank or financial institution and request that they freeze any accounts or transactions related to the attack. You should also contact law enforcement to file a report. 

Notify Employees and Customers

Next, notify any employees or customers who may have been affected by the attack. This includes notifying them of any sensitive information that may have been compromised, such as login credentials or financial information.

Conduct an Investigation 

Lastly, conduct a thorough investigation of the attack. This will help you determine how it happened to gain better insight into the holes in your cybersecurity system. 

From there, you can decide what steps can be taken to prevent it from happening again in the future. With a thorough investigation, it becomes possible to make informed decisions for the ongoing success of your business. 

Stay Protected From BEC Attacks 

BEC attacks are a serious threat to businesses, and they require proactive measures to prevent and respond to. As businesses increasingly rely on email for communication and financial transactions, they need to implement strong security measures to protect themselves from BEC attacks. These measures include employee education, access controls, financial transaction monitoring, email security measures, and response planning.

At Haxxess, we specialize in providing cybersecurity solutions that can help businesses protect themselves from BEC attacks and other cyber threats. Our team of experts can work with you to assess your cybersecurity needs and develop a customized plan to improve your security posture. 
Contact us today to learn more about how we can help you protect your business from BEC attacks and other cyber threats.

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