Business Email Compromise (BEC) is a serious threat to businesses. Hackers use a variety of tactics to deceive employees into revealing sensitive information or performing unauthorized transactions. Two of the most common tactics are password reuse and weaponizing seemingly harmless files like invoices.
Password reuse is when an employee uses the same password for multiple accounts. Hackers can use stolen credentials from a data breach to access accounts with weak passwords, including business email accounts. Once they have access to an employee's email account, they can send fraudulent emails that appear to be from a trusted source, such as the CEO or a vendor.
Weaponizing files is another way that hackers can deceive employees. They can attach a malicious payload to an innocent-looking file, such as an invoice or a shipping label. When an employee clicks on the file, the payload is activated, giving the attacker access to the employee's system and potentially the entire company network.
The consequences of BEC can be devastating. Hackers can use access to business email accounts to steal sensitive information, including financial data, intellectual property, and personal information of employees or customers. They can also trick employees into transferring money to fraudulent accounts, causing significant financial losses to the company. Additionally, a successful BEC attack can damage a business's reputation, resulting in lost customers and revenue.
To prevent BEC attacks, businesses need to take proactive measures. One of the most effective strategies is to implement strong password policies, including two-factor authentication, to prevent password reuse. Employees should also be trained on how to recognize phishing emails and report any suspicious behavior to the proper internal team.
Businesses should also be cautious when handling files received via email. Employees should be trained to verify the sender of the file and ensure that it is from a trusted source. Additionally, businesses should have anti-virus and anti-malware software installed on their systems to detect and prevent weaponized files.
BEC is a real and growing threat to businesses that can result in significant financial and reputational damage. By implementing strong password policies and educating employees on the risks of weaponized files, businesses can protect themselves from this rising problem. Contact our team today to help get your policies in place, training deployed to your employees, and monitoring implemented across your business, for a deep network of defenses.