Understanding Business Email Compromise (BEC)

The FBI’s 2022 Congressional Report highlights the Business Email Compromise (BEC) as one of the fastest-growing and financially devastating online crimes. In 2022 alone, BEC attacks led to over $2.7 billion in losses, according to the Internet Crime Complaint Center (IC3).

For businesses, the financial damage from BEC attacks can be severe. Still, the long-term impacts—such as reputational harm and legal consequences—can be even more challenging. So, what exactly is BEC, and why should you be concerned?

What is Business Email Compromise (BEC)?

BEC is a type of cybercrime where attackers impersonate a trusted figure within a company to deceive employees or customers into performing actions that benefit the attackers. These actions include making unauthorized payments, sharing sensitive data, or divulging confidential information.

Why is BEC So Difficult to Prevent?

BEC attacks exploit social engineering tactics and weak authentication practices, making them tricky to detect with traditional security tools or spam filters. Unlike straightforward malware attacks, BEC relies on manipulating human behavior, which can bypass many standard defenses.

Common BEC Scenarios

1. Invoice Scams: Attackers compromise a vendor’s email and send fake invoices or payment instructions to customers, diverting payments to their accounts instead of the legitimate vendor.
2. Employee Payroll Manipulation: Attackers impersonate HR personnel to alter an employee’s direct deposit details, redirecting salaries to the attacker’s account.
3. W-2 Phishing: During tax season, attackers use compromised executive accounts to request W-2 forms or other sensitive employee information, which is then used for identity theft or tax fraud.
4. Admin Account Takeover: By compromising an IT administrator’s account, attackers gain full access to the company’s Microsoft 365 account, enabling them to manipulate emails, create additional administrative users, and maintain ongoing access.

How Can Your Business Combat BEC Attacks?

Effective protection against BEC requires a human-centric approach, given that these attacks exploit human behavior rather than technical vulnerabilities. Partnering with a dedicated IT and cybersecurity team can significantly enhance your defenses.

Our team offers comprehensive solutions to help safeguard your business from BEC attacks. With 24/7 monitoring and proactive maintenance, we ensure that your IT systems are constantly scrutinized for any signs of compromise. This approach minimizes downtime and reduces the risk of breaches and data loss.