Business email compromise cyberattacks have reached a new high this year.
Hackers use this tactic to target corporate or publicly available email accounts of executives or high-level employees. The cybercriminals are doing this in order to receive financial gain through phishing attacks or by using keyloggers to perform fraudulent wire transfers.
If any of those email cyber attacks succeed it will result in a significant financial and image loss for the affected businesses.
In 2018, business email compromise attacks caused an average of $510,000 in losses per company. Cybercrime have reached at an all-time high this year; hackers are now targeting more businesses than ever before. This why is important to familiarize yourself with the signs of business email compromise attacks.
Remember everything can be hacked. In order to stay away from any threats related to the cyber world, we recommend the install of antivirus for Windows or antivirus for Mac on every device that you own, depending on which OS your device is running. If you are a company, it is also recommended to hire every year a specialized cybersecurity company that will run annual tests on your company’s network. These tests include penetration testing and ethical hacking tests;
Most email protection vendors, specialists, and anti-spammers believe that simply using the right rules, signature-based scanning and blacklist references represents enough to stop the vast majority of the threats that come through email.
Researchers are saying that this strategy is not enough because neither of those prevention methods reduces the risk of being tricked by the unexpected threats. Hackers are always tweaking the malicious emails with the hope to get new targets. They employ spoofing and urgency tactics in different iterations to achieve different purposes: phish credentials, deliver malware, steal data or money.
Emails are crafted to look like standard, legitimate payment requests, invoices, document delivery emails, alerts urging “account verification” because emails ostensibly can’t be delivered, urgent requests apparently coming from their colleagues and superiors, and so on.
The researcher’s conclusion: C-level executives are the ones who most need the training to protect themselves from attacks; train up the employees, particularly the new ones, and train them often.
Now that you know the risks and signs of business email compromise attacks, it’s important to keep your company safe. Again! Remember! It is mandatory that all employees are educated on what a BEC attack is and what to look out for.
Keep in mind that our modern society is dependent on computers, mobile devices, and the use of the internet always stay safe and secured.
We would continue to monitor the cybersecurity world. Meanwhile, users should keep a keen eye out for any cyber attacks. Remember to use an antivirus for Windows or antivirus for Mac in every device that you own, depending on which OS your machine is running, If you are a company we recommend to hire every year a specialized cybersecurity company that will run annual tests on your company’s network, tests like this include: penetration testing and ethical hacking.