Like most people, you probably use email daily for both work and personal correspondence. And while email is an incredibly convenient way to communicate, it's also ripe for exploitation by cybercriminals.
One of the most common and costly types of cybercrime is business email compromise (BEC), also known as CEO fraud. Despite its innocuous-sounding name, business email compromise (BEC) is a serious threat to businesses of all sizes. Businesses lose billions of dollars every year to these sophisticated scams, and the problem is only getting worse.
But what exactly is BEC? And how can you protect your business from this growing threat?
What Is an Example of a Business Email Compromise?
In a typical BEC scam, fraudsters will pose as high-level executives or trusted business partners and send an email to an employee requesting a wire transfer or sensitive information. Because the email appears to be coming from a legitimate source, the employee may comply without realizing they are being scammed. As a result, businesses can lose thousands or even millions of dollars to BEC scams.
BEC attacks are notoriously difficult to detect and can have serious financial consequences for businesses. That's why it's essential to be aware of the threat and take steps to protect your business.
3 Tips to Protect Your Business from a BEC Attack
- Be suspicious of unexpected requests for money or information. If you receive a request that doesn’t seem quite right, confirm it with the sender verbally and directly before taking any action. This means picking up the phone and calling a known phone number to confirm the request with the person requesting it.
- Be cautious about clicking on links or opening attachments in emails. This is especially true if the email is from someone you don’t know or trust. Remember that attackers can use malicious links and attachments to infect your computer with malware or steal your login credentials.
- Use strong security measures to protect your business email accounts. This includes using strong passwords, enabling two-factor authentication, and investing in security software such as an advanced spam filter.
Stay Safe Out There by Educating Your Employees
One of the best ways to protect your business from becoming a victim of BEC is to educate your employees about the dangers of BEC and make sure they know how to identify suspicious emails. Sharing the three tips listed in this article is a great place to start.
A few other tips you may consider as a business owner are implementing strict security measures for wire transfers and other sensitive information and considering investing in cyber insurance in case your business does fall victim to a BEC scam.
Wondering How to Build Cybersecurity into Your Company Culture? We Can Help
As data breaches are becoming more severe, it's essential for businesses to focus on keeping their data safe. At MGA, we help many clients by sharing tips on addressing the increased risk of data management, building data privacy and security into their company culture, and engaging their employees to be part of the process.
We can help you with this overwhelming topic, too.
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