The Biggest Cyber Threat Is Business Email Compromise: Here’s What Your Business Should Know

You probably know what phishing attacks are, where a cyber criminal poses as a seemingly trustworthy party, trying to get a targeted person to take an action like clicking a link. Now most phishing attacks can be overwhelmingly obvious; a glance at the emailer’s address, some typos in the email, and a dubious signature, can make it crystal clear what is going on.

But there is another level to email-based attacks that are much more sophisticated and targeted in nature, these are business email compromise (BEC) attacks. Particularly for companies conducting wire transfers, this is a serious threat, but fret not! In this piece, we explain what BEC is, and what your business can do to stay safe from this type of cyber threat.

Why BEC is A Big Cyber Threat to Businesses

Business Email Compromise is a sophisticated scam targeting companies that conduct wire transfers and have suppliers abroad. In recent years, BEC has emerged as one of the most financially damaging online crimes. According to the FBI’s 2020 Internet Crime Report, the total loss attributed to BEC was a staggering $1.8 billion, which far surpasses the losses from other types of cyber fraud.

The reason BEC can be so dangerous is its deceptive simplicity. Scammers impersonate executives, suppliers, or trusted partners in emails, using the trust and authority of these mimicked people to request transfers of funds. The targeted and planned nature of these attacks makes them particularly hard to detect and, therefore, more successful.

How BEC Works

Understanding how BEC operates is key to protecting against it. Typically, it begins with the attacker gaining access to a corporate email account. This could be through phishing attacks, where unsuspecting employees are tricked into giving away account credentials or clicking a malicious link that leads to the exposure of sensitive details.

From this point, once the attackers are inside the system, they observe communication patterns and wait for the perfect moment to strike. The scam usually involves the fraudster sending an email from a compromised account or a spoofed email address that looks like a legitimate one.

They might pretend to be a senior employee and request an urgent wire transfer to a new account, or they could pose as a supplier, asking for invoice payments to a changed bank account. Because they exploit trust in combination with using a convincing message, BEC attacks are particularly effective.

Using Microsoft 365’s Tools to Combat BEC

Fortunately, there are ways to fight back, and one of the most effective is through using the tools provided by Microsoft 365 to their potential. These tools can help you to:
1) Prevent the initial account and information compromises that make sophisticated BEC attacks possible.

2) Help you to prevent and fight back against BEC attacks more quickly and effectively.

For businesses using Microsoft 365 there are several built-in features that can significantly enhance your defence against BEC. A managed services provider can implement them alongside an array of other powerful measures to keep your business secure; the Microsoft 365 tools include:
• Advanced Threat Protection (ATP): Microsoft 365’s ATP include features like Safe Links and Safe Attachments, which help to protect your team’s inboxes from malicious software hidden in emails or attachments.

• Factor Authentication (MFA): By enabling MFA, you add an extra layer of security. Even if a scammer gets hold of a user’s credentials, they will be much less likely to be able to access the account and your data without the second form of authentication.

• Alert Policies: You can set up alert policies in Microsoft 365. For instance, you can get alerts for unusual external forwarding activity, which can be a sign of a compromised account.

• Training and Awareness Tools: Utilise Microsoft 365’s training and awareness tools to educate your employees about phishing and other tactics used in BEC scams.

• Anti-phishing Policies: Implement and customise anti-phishing policies in Microsoft 365 to detect attempts to impersonate users or domains within your organisation.

While these tools are powerful, they are most effective when combined with a proactive approach to security, other security measures such as conducting network vulnerability assessments, and using endpoint security solutions such as antivirus software.

Secure Your Microsoft 365 Environment with Our Secure Managed 365 Protection

Protect your business from a range of threats including BEC attacks with our Managed 365 Protection package, priced at just £3 per user. Our package provides comprehensive cyber security protection for business 365 environments, including emails, data, users, and much more. Minimise risks, gain peace of mind, and empower compliance, by getting in touch with us today to take the first step to assuring security and continuity for your business.

Final Thoughts

Business Email Compromise represents a significant threat to businesses globally. Its success lies in exploiting human factors rather than technical flaws, making it harder to detect and prevent. However, by understanding how BEC works and using cyber security tools like those offered in Microsoft 365, businesses can greatly bolster their defences against this threat and other kinds of cyber threats at the same time.

But remember, technology is only part of the solution. Educating your staff to be vigilant, sceptical of unusual requests, and aware of the methods used in these scams is equally important. Regular training sessions, combined with a culture that encourages double-checking and verification, can go a long way in protecting your business.

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