The recent TitanHQ/Osterman Research survey of IT security professionals showed the most common security incidents experienced by businesses were business email compromise (BEC) attacks. A BEC attack is where a cybercriminal spoofs a trusted contact or company, usually to trick an employee into making a fraudulent wire transfer, send sensitive data via email, or obtain money by other means.
In a BEC attack, the attacker usually spoofs an email account or website or uses a genuine, trusted email account that has previously been compromised in a phishing attack. If a compromised email account is not used, an individual is usually spoofed by changing the display name to make it appear that the email has been sent by a genuine contact, often the CEO, CFO, or a vendor.
It is also common for lookalike domains to be used in BEC attacks. The attacker discovers the spoofed company’s format for email accounts, and copies that format using a domain that very closely resembles the genuine domain used by that company. At first glance, the spoofed domain appears perfectly legitimate.
BEC attacks are usually highly targeted. An email is carefully crafted to target an individual within an organization or a person in a particular role. Since many attacks attempt to get employees to make fraudulent wire transfers, it is most common for individuals in the finance department to be targeted, although BEC attackers also commonly target the HR department, marketing department, IT department, and executives.
Since the requests in the emails are plausible and the message format, signatures, and branding are often copied from genuine emails, the BEC emails can be very convincing. It is also not uncommon for the attacks to involve conversations that span multiple messages before the attacker makes a request.
While phishing attacks are more common, losses to BEC attacks are far greater. According to FBI figures, BEC attacks are the leading cause of losses to cybercrime.
Defending against BEC attacks requires a combination of measures. Naturally, since these attacks target employees, it is important to raise awareness of the threat and teach employees how to identify a BEC attack. Policies and procedures should also be implemented that require any email request to change bank account details, payment methods, or make changes to direct deposit information for payroll to be verified using trusted contact information. A quick telephone call could easily thwart an attack.
While these measures are important, the best defense is to prevent BEC emails from reaching end users’ inboxes as that eliminates the potential for human error. For that you need to have solid email security. A good email security solution will block attempts to steal email credentials – the precursor to many BEC attacks. An advanced spam filtering solution that incorporates machine learning techniques can detect and block zero-day attacks – the tailored, often unique messages that are used by the attackers to target individuals. Solutions that incorporate DMARC and sender policy framework (SPF) will help to detect emails from individuals not authorized to send messages from a particular domain – A vital protection against BEC attacks.
SpamTitan incorporates all of those measures – and more – to keep businesses protected. When combined with end user training and administrative measures, businesses can greatly improve their defenses against BEC attacks. For more information on how SpamTitan can protect your business from the full range of email attacks, give the TitanHQ team a call today.
You can also find out about other measures you can implement to block phishing and ransomware attacks at the upcoming TitanHQ webinar on June 30, 2021 – How to Reduce the Risk of Phishing and Ransomware. During the webinar – hosted by TitanHQ and Osterman Research – you will discover the results of the latest TitanHQ survey of security professionals and gain valuable insights into how you can improve your cybersecurity posture.
You can REGISTER YOUR PLACE HERE.