As the year ends, businesses face year-end fatigue and the pressures of the approaching festive season. This period, marked by heavy workloads and rushing to meet targets, creates opportunities for cybercriminals to exploit vulnerabilities.
One prominent method is business email compromise (BEC), a sophisticated cybercrime targeting organisations via email system infiltration. A common BEC tactic involves altering banking details on invoices.
For example, a company might receive an email, supposedly from a trusted supplier, with “updated” banking details. Without verifying, the finance department could transfer funds to a fraudulent account, only discovering the scam when the actual supplier queries a missed payment.
Staying cyber vigilant amid festive season distractions
The South African business landscape, with its diverse industries and extensive digital networks, is particularly vulnerable to such attacks. Employees, overwhelmed with closing tasks and holiday preparations, are especially susceptible during the year-end period.
To counter BEC risks, businesses must enhance cybersecurity awareness and vigilance. Educating employees about cybercriminal tactics fosters a sceptical mindset towards unexpected financial email requests. Regular training sessions and phishing simulations reinforce these practices, keeping employees alert.
Robust email security protocols are equally critical. Deploying advanced filtering systems can block malicious content before it reaches employees’ inboxes. Multi-factor authentication (MFA) adds another layer of protection, complicating unauthorised access attempts.
Businesses should also adopt additional measures to protect against BEC attacks:
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Verification processes
Introduce strict verification procedures for financial transactions, like requiring multiple approvals. Confirm requests through alternate communication methods, such as calling the payee.
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Access controls
Restrict sensitive information and financial system access to employees whose roles require it, minimising compromise risks.
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Incident response plan
Create a detailed incident response plan outlining steps for responding to a BEC attack. A swift, coordinated response can limit damage.
Providing financial protection against BEC
Since no security is foolproof, investing in cybercrime insurance is wise. Cyber insurance policies provide financial protection against BEC and other cyber threats. This safety net helps businesses recover from attacks and maintain operations.
As year-end fatigue and festive distractions mount, the threat of BEC becomes more pressing. By promoting vigilance, strengthening security measures, and leveraging insurance solutions, businesses can protect financial assets. These steps also enhance organisational resilience in an increasingly digital landscape.
Mukondeleli Masiza | Complex Claims Handler | Liability, Financial Lines and Cyber | Allianz Commercial South Africa | mail me |
Related FAQs: BEC cyber threat protection
Q: What is Business Email Compromise (BEC)?
A: Business Email Compromise (BEC) is a type of cyber threat where an attacker impersonates a legitimate email account to deceive individuals into transferring funds or sensitive information. These attacks typically exploit social engineering tactics to manipulate the victim.
Q: What are the types of BEC attacks?
A: There are several types of business email compromise attacks, including impersonation attacks, where the attacker impersonates a trusted sender; CEO fraud, where they pose as a high-level executive; and invoice scams, which trick victims into paying fake invoices.
Q: How can I prevent BEC attacks in my organisation?
A: To prevent BEC attacks, implement robust email security solutions, conduct security awareness training for employees and enforce email authentication protocols such as DMARC, SPF and DKIM to reduce the risk of email spoofing.
Q: What is the role of email authentication in BEC cyber threat protection?
A: Email authentication is crucial for BEC cyber threat protection as it helps verify the legitimacy of the sender’s email domain. By implementing protocols like SPF and DKIM, organisations can prevent unauthorised users from sending emails that appear to come from legitimate email accounts.
Q: How can I detect a BEC scam?
A: To detect a BEC scam, be vigilant for signs such as unusual requests for sensitive information, changes in the usual tone of communication or unexpected requests from known contacts. Always verify requests through a secondary communication method.
Q: What are some common BEC threats to be aware of?
A: Common BEC threats include phishing attacks, where attackers send emails that appear legitimate to trick users, and advanced BEC campaigns that leverage malware to compromise email accounts and gain insider information.
Q: What is the significance of security awareness training in BEC cyber threat protection?
A: Security awareness training is significant in preventing BEC attacks as it educates employees about the tactics used by attackers, helping them recognise phishing attempts and understand the importance of verifying requests before acting on them.
Q: How do attackers typically compromise an email account for BEC attacks?
A: Attackers typically compromise an email account for BEC attacks through phishing scams, where they trick users into providing their login credentials, or by leveraging malware to gain unauthorised access to the email account.
Q: What steps should I take if I suspect a BEC attack on my email?
A: If you suspect a BEC attack on your email, immediately report it to your IT department, change your email account password, enable two-factor authentication and inform any affected parties to mitigate potential damage.
Q: What are the long-term strategies for protecting against BEC threats?
A: Long-term strategies for protecting against BEC threats include regularly updating email security solutions, conducting ongoing security awareness training, implementing multi-factor authentication and continuously monitoring for unusual email activity.