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Business Email Compromise (BEC) Protection

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Business Email Compromise (BEC) represents a sophisticated and potentially devastating form of cybercrime. With BEC attacks costing businesses more than $2.7 billion annually, as reported by the FBI, the need for strengthened defenses is clear.

Protect your Business from
Costly BEC Attacks with Vircom

BEC scams, leveraging social engineering and phishing techniques, aim to deceive employees into transferring funds or revealing sensitive information.

Business email compromise poses threats through email account compromise, scams, and vendor manipulation, leading to significant financial and data losses across businesses of all sizes.

Vircom’s holistic email security strategy delivers potent defense against BEC and spear phishing attacks, securing your organization’s communications and assets. This approach ensures your email gateway is protected by a professional solution, ready to counter current and future threats effectively.

What is Business Email Compromise (BEC)?

Business Email Compromise (BEC) is a fraudulent scheme orchestrated by cybercriminals to deceive individuals or organizations into transferring funds or sensitive information via email.

The perpetrators often impersonate trusted entities, such as company executives or vendors, to manipulate their victims.

BEC email attacks typically involve various tactics, including social engineering, phishing, and pretexting, to trick recipients into taking action.

These scams can lead to significant financial losses and reputational damage for the targeted entities.

Types of Business Email Compromise (BEC) Scenarios

At its core, BEC involves a cybercriminal manipulating an individual or team within a business to conduct unauthorized fund transfers, typically via wire transfer or a simple payment system.

These deceptive business compromise emails often coerce individuals into initiating unauthorized wire transfers, disclosing sensitive information, or downloading malware-infected attachments.

Phishing BEC serves as a gateway for cybercriminals to infiltrate organizations, targeting employees with access to critical data or financial resources.

Classic BEC Scenarios

CEO Fraud

In CEO fraud, cybercriminals pose as top executives to demand urgent wire transfers via fake emails.

The success of CEO Fraud is rooted in its element of surprise, urgency, and the authority the 'CEO' wields, often bypassing standard verification protocols for transactions.

Attackers use 'Masquerading' to create emails that closely resemble the CEO’s, using similar addresses and well-researched information to appear authentic.

Vendor Email Compromise

This scam involves a compromised email from a trusted supplier, where the hacker requests a bank account update for future payments. When the recipient updates the account, payments are redirected to the scammer.

Vendor Email Compromise is hard to prevent as it often occurs within ongoing conversations, making verification of payment changes difficult.

The single most important thing that organizations can do in their ransomware prevention strategy is to ensure that they have good backups.

Email Account Compromise (EAC)

Simpler than other BEC scenarios, account compromise EAC, includes phishing, social engineering, or malware to access an individual's email within an organization.

Attackers monitor email activity, payment workflows, and launch more phishing attacks to escalate BEC operations, potentially leading to fraudulent transfers, invoice manipulation, and data harvesting for future scams or sale on the dark web.

Examples of Business Email Compromise (BEC)

Business Email Compromise Attack Examples
Year
Financial Loss
Description
Source
Company X Wire Transfer Scam

2022

$1.5 million
Cybercriminals impersonated CEO, instructing finance department to wire funds to fraudulent account.
FBI Internet Crime Report 2022
Large-scale Financial Loss Incident

2019

Over $10 million
Multinational corporation suffered massive financial loss due to BEC attack.
Cybersecurity News Network
Supplier Invoice Fraud

2023

$800,000
Attackers compromised supplier email account, altered invoices, resulting in fraudulent payments.
Proofpoint Threat Reference for BEC

Understanding BEC Scams and Attacks Risks

The impact of a successful BEC attack goes far beyond financial repercussions. It causes harm to the company’s image, loss of client confidence, and substantial operational interruptions. See the main risks of each different type of attack:

CEO Fraud

Financial Loss: Cybercriminals deceive employees into transferring funds under false pretenses.

Vendor Email Compromise

Reputational Damage: Trust in the organization may be eroded due to involvement in fraudulent activities.

Invoice Manipulation

Data Breaches: Sensitive financial information may be compromised, leading to potential regulatory violations.

Employee Impersonation

Business Disruption: Operations may be disrupted if key employees are targeted, and their accounts compromised.

Lawyer Impersonation

Legal Liability: Legal ramifications may arise if sensitive legal documents are compromised.

How to Prevent Business Email Compromise (BEC)

Prevention is at the core of Vircom’s approach to BEC defense. By implementing strict email security protocols, employing advanced spoofing detection, and fostering a culture of cybersecurity awareness, Vircom empowers businesses to proactively protect against BEC threats.
Implementing these preventive measures can significantly reduce the risk of falling victim to (BEC) Business Email Compromise scams and protect your organization’s assets and data from harm.

BEC Email Security Measures
and Best Practices

Implement robust business email compromise protection and protocols to prevent unauthorized access.

Business Email Compromise Detection

Educate employees on recognizing common signs of BEC scams to detect and prevent fraud.

Business Email Compromise
Phishing Protection

Enhance BEC phishing protection measures to block suspicious emails and prevent data breaches.

BEC Security Solutions and Strategies

Invest in comprehensive security solutions and training programs to mitigate BEC risks.

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DMARC, DKIM and SPF

Up to 75% of BEC attacks use reply-to spoofing and other tactics that DMARC can effectively counteract.

DMARC authentication is key in filtering out impostor emails, strengthening defenses against both external and internal threats.

By publishing DMARC policies, organizations can not only block internal impostors but also ensure that outbound emails accurately reflect the company’s brand. When combined with Sender Policy Framework (SPF), DMARC further reduces email spoofing by allowing only authorized domains to send emails on behalf of the organization.

Increasing DMARC adoption helps businesses enhance BEC prevention and reduce vulnerability to spoofed messages from both inside and outside the organization.

A Closer Look into Vendor Email Compromise (VEC) and Its Implications

Vendor Email Compromise (VEC) is a specialized form of BEC that targets vendors and suppliers within a business ecosystem. Cybercriminals exploit vulnerabilities in vendor communication channels to intercept payment requests or alter banking information, leading to fraudulent transactions and financial losses.

Implications of VEC include:

Financial Losses

Unauthorized changes to vendor payment details can result in substantial financial losses for both the targeted organization and its vendors.

Reputational Damage

VEC incidents can erode trust between businesses and their vendors, damaging reputation and potentially leading to the loss of valuable partnerships.

Regulatory Compliance Risks

Failure to adequately protect against VEC attacks may expose organizations to regulatory fines and legal consequences for non-compliance with data protection laws.

Comprehensive BEC Protection with Vircom

Vircom addresses the multifaceted challenge of BEC with a suite of email security solutions designed to detect, prevent, and respond to these threats.

Protect Against BEC and EAC

Vircom extends its protection to cover both Business Email Compromise (BEC) and Email Account Compromise (EAC), ensuring a comprehensive defense against all forms of email fraud.

By safeguarding against unauthorized access to email accounts, Vircom protects your business from the inside out.

A Trusted Partner in BEC Defense

Vircom’s dedicated BEC protection solutions offer a robust line of defense against these insidious attacks, combining technology, education, and real-time monitoring to secure your email communications.

With Vircom solutions, you can protect your business from BEC scams, ensuring the integrity of your email systems and the continuity of your business operations.

“I use [Vircom]. You won’t regret it. Their support team is awesome. They’ve got add-ons nobody else has. I sleep much better because I know they have my back. Disclosure, I was using them when they were selling their on prem product before they became a Proofpoint partner. Great company to work with.”

REDDIT

Strengthen your defenses with Vircom’s comprehensive Business Email Compromise protection.

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