Business email compromise (BEC) continues to be a primary attack vector of cybercriminals. Unlike mass phishing email attacks, BEC is targeted and appears legitimate. Cybercriminals focus on executives, financial professionals, attorneys, HR, IT, as well as new and entry-level employees.

Successful BEC attacks often involve urgent requests, the need for help, data, contact information, and requests for secrecy. Some of the goals are:

  • Account compromise
  • Data theft
  • CEO/Executive Fraud
  • False Invoice scheme
  • Product theft
  • Attorney impersonation

BEC scammers don’t just rely on luck; they’re skilled manipulators of both technology and people. They might:

  • Spoof email addresses to make their messages appear like they’re coming from someone you trust.
  • Use spear-phishing tactics that target specific employees with tailored messages that feel eerily personal.
  • Deploy malware that gives them access to sensitive conversations and information they can weaponize.

Prevention:

The first line of defense is a well-trained team across the board.

1.   Strong security awareness training includes:

  • Up-to-date content relevant to your organization’s industry.
  • Empowering language that treats users as a key element of the organization’s cybersecurity strategy, rather than a weak link.
  • Phishing simulations to track progress and test skills.
  • Microlearning for better retention and understanding.
  • Education that builds an organization-wide culture of security.

2.   Optimized technology defenses

  • Secure email gateways (SEGs) act as a filter, analyzing incoming messages for signs of fraud or spoofing.
  • Multifactor authentication (MFA) – Even if scammers get access to credentials, MFA adds an extra layer of security.
  • Domain-based message authentication, reporting, and conformance (DMARC). This protocol helps prevent attackers from spoofing your email domain.

3.   Continuous monitoring, updates, and staying informed about the latest threats. BEC attacks are not a “set it and forget it” threat. Scammers are constantly refining their methods to bypass existing security tools, so you need to stay vigilant with:

  • Regular security audits to identify weaknesses in your defenses.
  • Frequent software updates to patch vulnerabilities and ensure protection against new exploits.
  • Ongoing threat monitoring to detect unusual activity in real-time, from suspicious email patterns to unauthorized access attempts.
  • Only by continuously evolving your security posture can you keep pace with these shifting threats.

To learn more about Business Email Compromise, click here.

CCI suggests sharing this information with your staff. You can reach out to us for questions or more information at inquiries@completecompli.com.

 

John Rodriguez, CISSP, GPEN, GSNA