Business Email Compromise – Article (Articles) (Business Email Compromise) BEC is a sophisticated cybercrime where attackers impersonate legitimate business entities via email to deceive employees into transferring money or sensitive information. Typically, these targeted attacks involve email spoofing and social engineering tactics that create a sense of urgency. Common scenarios include CEO fraud and supplier invoice fraud, […]
Category: Business Email Compromise
Business Email Compromise (BEC) represents the
2nd largest category for losses in 2023.
The IC3 reported losses totaled $2.9 Billion Dollars in 2023.
BEC is a sophisticated cybercrime where attackers impersonate legitimate business entities via email to deceive employees into transferring money or sensitive information. Typically, these targeted attacks involve email spoofing and social engineering tactics that create a sense of urgency. Common scenarios include CEO fraud and supplier invoice fraud, leading to significant financial losses, reputation damage, and potential legal consequences for organizations. To prevent BEC, businesses should implement robust security measures, including employee training, verification protocols for requests, email authentication, transaction monitoring, and restricted access to sensitive information. Continuous vigilance and effective security practices are essential to safeguard against this prevalent threat.