Business Email Compromise (BEC) has become one of the fastest-growing cybercrime threats in recent years, with businesses of all sizes and industries being targeted. Cybercriminals are also becoming more sophisticated in their tactics and techniques, increasing the threat of BEC.
It is therefore critical that businesses take proactive measures to prevent BEC attacks, such as implementing security awareness training, using multi-factor authentication, and regularly reviewing and updating their cybersecurity policies and procedures.
BEC is a type of cybercrime where an attacker gains access to an official email account or impersonates a trusted entity, such as a CEO or a vendor, to persuade target employees to transfer funds or share sensitive information.
In this article, we share some best practices that can help create and nurture a culture of security that serves as a powerful defense against BEC attacks.
Contents
Best Security Practices to Help Prevent BEC Attacks
Employ Strong Authentication Practices
Restrict Editing and Signing Rights
Organize Security Training for Employees
Set Up Email Filters and Blocks
Verify All Payment Requests
Monitor Email Accounts
Using Encryption and Secure Communication Channels
Keep Your Software and Security Measures Updated
Incident Response Planning
Mitigate the Risk of Business Email Compromise - And Beyond
Best Security Practices to Help Prevent BEC Attacks
BEC attacks are particularly insidious since cybercriminals use social engineering — psychological manipulation tactics — to target human vulnerabilities and gain access to sensitive data or systems deceitfully.‘
Employ Strong Authentication Practices
One of the primary ways to prevent BEC attacks is to use strong authentication practices to secure email accounts. This means using unique and complex passwords that are changed regularly.
Setting up Multi-Factor Authentication (MFA) also adds an extra layer of security. MFA requires a second form of authentication, such as a code sent to your mobile device or email in addition to your password. This can help prevent unauthorized access to email accounts, even if a password is compromised. This method can be used to verify both sender and recipient.
Restrict Editing and Signing Rights
When sending sensitive information over email, it is a recommended cybersecurity practice to limit the number of people who can take the most critical actions in the process. By assigning roles, you can ensure that certain recipients are allowed to modify content while others only receive notifications of edits or completed actions.
Organize Security Training for Employees
Employees are the first line of defense against BEC attacks, so it is crucial to train them to recognize and prevent BEC attacks. This includes education on the common types of BEC attacks, such as spoofed emails, wire transfer requests, and phishing scams, and how to identify them.
Conducting regular training sessions and simulations can help employees recognize common patterns that cybercriminals use to avoid falling victim to them.
Set Up Email Filters and Blocks
Using email filters and blocks can help prevent suspicious emails from reaching employees' inboxes in the first place. Email filters are designed to block emails with suspicious attachments or links, and also emails from suspicious domains. Filters can also flag emails that use common BEC tactics, such as requests for urgent wire transfers or changes to payment instructions.
Verify All Payment Requests
In many cases, attackers impersonate vendors or other trusted parties to request fraudulent payments. Implementing a verification process for all payment requests could help prevent these attacks. This process may include contacting the vendor or trusted party directly and verifying the request before making any payments. Even if the message comes internally from a high-level executive like a CEO, having an extra check in place before making any large transfers of money or information is worth it.
Monitor Email Accounts
Monitoring email accounts for suspicious activity can go a long way in preventing BEC attacks. It is important for any organization to regularly review email logs and activity reports to identify unusual login attempts or email activity. External email security solutions can assist in monitoring suspicious activity and alert administrators to potential threats.
Using Encryption and Secure Communication Channels
Secure communication channels and encryption can help prevent BEC attacks by adding layers of protection to email communications and by providing a secure way to transmit information. These security measures make it more difficult for cybercriminals to intercept, read, or alter sensitive information that is transmitted via email.
Keep Your Software and Security Measures Updated
Businesses should update email software and security solutions to the latest versions and ensure that all security measures are properly configured and maintained. It could also help to stay informed of the latest BEC tactics and trends to adjust your security settings accordingly.
Incident Response Planning
Even with robust safeguards in place, it is still possible for businesses to fall victim to BEC attacks. This is where it helps to have an Incident Response Plan (IRP) — a set of procedures that helps organizations respond to security incidents. A well-designed IRP can help prevent BEC attacks by identifying vulnerabilities, responding quickly, minimizing the impact of attacks, and improving communication and collaboration. This can reduce the likelihood of financial loss or damage to their reputation.
Mitigate the Risk of BEC - And Beyond
With BEC attacks becoming all too common in cyberspace, taking a proactive approach is the only way to thwart the dangers they pose. It is important now more than ever to improve internal security education, employ best security practices, and choose the right cybersecurity partner to protect your business against potentially devastating BEC attacks.
SSH Communications Security offers a range of solutions designed to protect secure business communications, such as collaborating on and sharing confidential documents, digitally signing contracts, or sending sensitive information via encrypted emails.
Want to protect your business against BEC attacks and other cyber crimes? Find out more about our extensive portfolio of cybersecurity products and solutions that will help future-proof your company >>>
