Cybercriminals don’t always need sophisticated malware to steal from a business. Sometimes, all they need is an email account and a convincing story. Business Email Compromise (BEC) has become one of the most expensive forms of cybercrime, costing organizations billions of dollars worldwide. The FBI reports that BEC has generated more than $55 billion in exposed losses based on reported incidents from 2013 through 2023.
For businesses, the danger is that BEC attacks can look remarkably ordinary.
What Is Business Email Compromise?
BEC occurs when criminals use compromised accounts, social engineering, spoofed addresses, or other tactics to impersonate someone a business trusts. The attacker may pose as a company executive, vendor, employee, or business partner.
The goal is often financial. An employee might receive an email appearing to come from the company president requesting an urgent wire transfer. A vendor may supposedly change its banking information. An accounts-payable employee could receive instructions to send an invoice payment to a new account.
Because the message appears to come from someone familiar, an employee may act before realizing anything is wrong.
Why Businesses Are Vulnerable
BEC attacks often exploit human behavior rather than technical weaknesses alone. Criminals may research a company, monitor compromised email accounts and learn who handles payments or communicates with vendors. They can then create highly convincing requests at precisely the right moment.
Real estate transactions have also been a significant target. The FBI has reported that BEC scams can target buyers, sellers, real estate agents, attorneys and title companies, particularly when criminals intercept communications involving wire transfers.
How Can You Protect Your Business?
Start by creating procedures that make it difficult for a fraudulent request to succeed. Require employees to independently verify requests involving wire transfers, payment changes or sensitive information. Use multifactor authentication, keep systems and software updated, and provide regular cybersecurity awareness training.
It’s also important to monitor business email accounts for suspicious activity and establish clear procedures for reporting potential phishing attempts.
Cybersecurity is not simply about protecting computers. It’s about protecting your money, data, reputation and ability to operate.
If you want help identifying weaknesses in your company’s technology environment and strengthening your defenses against scams such as Business Email Compromise, call us at 888-RING-MY-TECH. Taking proactive steps today could help prevent a costly mistake tomorrow.
