BEC attacks expected to surpass $9B in 2018 - Trend Micro

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Publicated : 13/12/2024   Category : security

The Rise of BEC Attacks: A Growing Threat to Businesses

Business Email Compromise (BEC) attacks have become an increasingly common threat to organizations around the world. In 2018, these attacks are expected to exceed $9 billion in losses, according to a report by Trend Micro. But what exactly is a BEC attack, and how can businesses protect themselves against this growing menace?

What is a BEC attack?

A BEC attack is a type of scam where cybercriminals impersonate a high-level executive or employee within an organization to trick employees, customers, or partners into transferring money or sensitive information. These attacks often involve carefully crafted emails that appear to be legitimate, convincing unsuspecting victims to take action that benefits the fraudsters.

How do BEC attacks work?

Typically, a BEC attack starts with the fraudsters conducting thorough research to gather information about the targeted organization and its key stakeholders. They then use this information to craft convincing emails that appear to be from a trusted source, such as a CEO or CFO. The emails may request urgent wire transfers, changes to payment details, or the disclosure of sensitive information.

What are the consequences of a successful BEC attack?

If a BEC attack is successful, the consequences can be severe. Organizations may incur financial losses from fraudulent wire transfers or other unauthorized transactions. Additionally, the stolen sensitive information can be used for further cyber attacks or sold on the dark web, putting the organization at risk of data breaches and other security incidents.

How can businesses protect themselves against BEC attacks?

  • Employee training: Educating employees about the tactics used in BEC attacks and encouraging them to verify the authenticity of any requests for money or information can help prevent these scams.
  • Multi-factor authentication: Implementing multi-factor authentication for financial transactions and sensitive information can add an extra layer of security to prevent unauthorized access.
  • Email security solutions: Using advanced email security solutions that can detect and block suspicious emails, such as those with spoofed addresses or unusual formatting, can help defend against BEC attacks.

    • Conclusion

    In conclusion, BEC attacks represent a significant threat to businesses of all sizes, with losses expected to exceed $9 billion in 2018. By understanding how these attacks work and implementing proactive security measures, organizations can reduce the risk of falling victim to BEC scams and protect themselves against financial and reputational damage.


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    BEC attacks expected to surpass $9B in 2018 - Trend Micro