Business Email Compromise (BEC) scams pose a serious threat to companies, targeting trust within organizations to manipulate people and steal funds or sensitive information. For businesses like yours, safeguarding against these attacks isn’t just about security, it’s about preserving trust, preventing loss, and creating a culture of vigilance. 

What Is A Business Email Compromise?

Business Email Compromise (BEC) is a scam that targets companies through email. In this type of fraud, cybercriminals pretend to be someone trustworthy, like a company executive or a business partner, to deceive employees. They often send emails that look real, asking for money transfers or sensitive information. 

An employee might receive an email that appears to come from their boss, requesting a wire transfer to a vendor. If the employee doesn’t verify the request, they may end up sending money to the scammer instead. BEC can cause significant financial losses for businesses, so it’s important for employees to be cautious and verify any unusual requests they receive via email.

How To Prevent A BEC Attack

At Oblivion, we believe that with the right defenses and a proactive approach, your team can play a pivotal role in keeping your company secure. Here’s how to protect your organization from BEC with both practical and strategic measures.

1. Empower Your Team Through Training

Well-informed employees are the first line of defence against BEC. Regular cybersecurity training sessions can empower your team to identify threats and make cautious decisions. Teaching employees to recognize phishing risks, verify sender details, and understand the impact of BEC creates a vigilant culture where everyone feels responsible for security.

2. Adopt Email Authentication Protocols

Implementing email authentication protocols like DMARC (Domain-based Message Authentication, Reporting, and Conformance) is a powerful way to verify email authenticity. DMARC prevents domain spoofing, helping ensure that only legitimate emails from your domain reach their destination. This layer of defense keeps both internal and external communications more secure.

3. Verify the Sender’s Identity

A simple, time-tested strategy: verify. If an email requests money or sensitive data, verify the sender through a different communication method. Call the sender using a known phone number or speak to them face-to-face. This extra step can be the difference between a successful scam and a protected business.

4. Enforce Multi-Factor Authentication (MFA)

Multi-Factor Authentication (MFA) adds an essential layer of security by requiring multiple verification steps before granting access. MFA is crucial across all email accounts, as it provides a buffer even if login credentials are stolen. Organizations with MFA enjoy significantly greater resilience against unauthorized access.

5. Keep Software Updated

One of the most basic and effective defences is to keep software up to date. Ensure your email servers, antivirus programs, and security tools are running the latest versions. Regular updates protect your system against newly discovered vulnerabilities, helping your business stay one step ahead of attackers.

6. Develop an Incident Response Plan

An incident response plan prepares your company to act quickly in the event of a BEC attack. Outline procedures for isolating systems, notifying relevant authorities, and communicating about the incident internally and externally. A well-developed plan can reduce the impact of an attack and provide a clear path to recovery.

7. Encrypt Your Emails

Email encryption protects sensitive information within communications by making it unreadable to anyone without the correct decryption key. Even if an attacker intercepts an email, encryption ensures the contents remain secure. For sensitive discussions or confidential data, email encryption adds peace of mind and another layer of protection.

8. Strengthen Financial Controls

Rigorous financial controls are vital to minimizing the risk of unauthorized transfers. Implementing a two-step verification process for wire transfers and other high-value transactions makes it much harder for scammers to manipulate payment details. Even a simple dual-approval step can prevent losses.

9. Regularly Audit and Monitor

You may prevent email system vulnerabilities from being exploited by conducting regular security audits and continuously monitoring your system. Rapid reaction to possible BEC threats is made possible by monitoring, which helps identify suspicious or unusual activities. Your defences will be as powerful as they can be with continuous supervision.

Stay Vigilant Against BEC

BEC scams may have terrible consequences, but with a proactive strategy, you can protect your business from this expanding danger. Oblivion is dedicated to assisting you in creating a safe future that protects your people, reputation, and resources at all times.