How BEC Threats Work and How to Stop Them
Managed IT | Network Security & Cybersecurity
How Attackers Conduct a Typical Business Email Compromise (BEC) Attack
Business Email Compromise (BEC) is a growing threat that targets companies of all sizes. Here’s an overview of how attackers typically conduct a successful BEC attack:
1. Reconnaissance
The first step in a BEC attack involves gathering information about key personnel within a company. Attackers often use publicly available resources, such as company websites or social media, to identify executives, employees, and other high-ranking individuals.
2. Impersonation
Next, the attacker creates an email account that closely resembles a legitimate email address. They often impersonate an executive, trusted business partner, or another individual with authority within the company.
3. Malicious Email
From the spoofed account, the attacker sends a targeted email to a specific individual within the organization. This email typically includes a request for sensitive information or funds to be transferred to an account controlled by the attacker.
4. Successful Attack
If the recipient falls for the scam, they send the requested information or funds. The stolen data can be used to launch further attacks, or it may be sold on the dark web.
5. Erase Footprints
After successfully completing the attack, the attacker will often attempt to cover their tracks by moving stolen funds through multiple accounts, making it difficult to trace. Evidence of the attack is deleted to avoid detection.
Why Email Protection Matters
Sophisticated attackers increasingly rely on email as their primary vector for launching cyberattacks. The consequences of such attacks can be devastating, leading to substantial data and financial losses. Here are some alarming statistics that highlight the importance of email protection:
- $2.7 billion was lost to successful email attacks in 2022, making it one of the costliest forms of cybercrime.
- 156,000 daily attempts to compromise business emails are made on average, leaving any organization vulnerable to these scams.
- More than 90% of all successful cyberattacks begin with phishing, a common tactic in email-based scams.
Benefits of Our Managed Email Protection Services
To safeguard your business from these growing threats, LDI Connect offers a suite of email protection services designed to detect, prevent, and respond to email-based attacks. Here’s how we can help:
24/7 Monitoring
Our team of security experts monitors your email systems around the clock, ensuring that potential threats are quickly detected and neutralized before they can cause harm.
Seamless Integration
Our services integrate seamlessly with Microsoft 365, ensuring protection for your accounts without disrupting daily operations.
Business Continuity
With proactive monitoring and rapid response times, we minimize downtime and losses, helping to ensure your business remains operational despite emerging threats.
Don’t Let Your Email Be Your Company’s Weak Link Against Cyberattacks
Email-based attacks are becoming more sophisticated, and without the right protection, your company could be the next target. With LDI Connect’s Managed Email Protection services, you can safeguard your business from fraudulent activity before it leads to financial or reputational damage.
Contact Us
At LDI Connect, we recognize the serious threat posed by Business Email Compromise (BEC) attacks. We begin by assessing your current approach to protecting against these threats and then work with you to develop and implement a comprehensive strategy to safeguard your business moving forward.
Our team of experts can help you address a range of BEC-related concerns, from identifying potential vulnerabilities to advising on the best solutions to prevent attacks and protect sensitive information.
Concerned about Business Email Compromise? Reach out to one of our specialists today.
Sources:
- FBI 2022 Internet Crime Report
- Microsoft’s Fourth Cyber Signals Report 2023
- Deloitte Research 2020