Business Email Compromise: What is it and Why is it a Threat to your Business?

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Table of Contents

  1. What is Business Email Compromise?
  2. Why is Business Email Compromise a Threat to your Business?
  3. How to Protect your Team from Business Email Compromise

Business email compromise (BEC) is a type of cyberattack that targets businesses and their employees. The goal of a BEC attack is to gain access to sensitive information, such as financial data or login credentials, by compromising the business’s email account(s). Cybercriminals use a variety of methods to launch BEC attacks, including spam emails, phishing attacks, and social engineering. These attacks can be very costly for businesses – the average cost of a data breach in 2022 is £3.6 million! As an IT Manager or Business Owner, it’s your responsibility to make sure your business doesn’t become the next victim of a business email compromise attack. To do so, there are ways to protect your team.

What is Business Email Compromise?section_1

Business email compromise (BEC) is a type of cyberattack that occurs when an attacker gains access to a business’s email account(s). Once the attacker has gained access, they can send emails from the business’s account(s) to employees, customers, or other businesses often by impersonating an executive, HR, or trusted vendor to initiate fraudulent transfers of money. The attacker can also use the business’s email account(s) to gain access to important business and personal data.

There are three main types of business email compromise: spam email, phishing, and spear phishing

There are three main types of business email compromise attacks:

Why is Business Email Compromise a Threat to your Business?section_2

Business email compromise is a serious threat to businesses of all sizes. Attackers can use business email compromise to steal sensitive information, such as customer data or financial information. They can also use business email compromise to ransomware businesses by encrypting their data and demanding a ransom payment.

Business email compromise is a growing problem because it is relatively easy for attackers to carry out and can be very profitable. Attackers only need to find one person within an organisation who is gullible enough to click on a malicious link or attachment in order to gain access to the company’s network. Once they have access, they can wreak havoc.

Don’t think that these cyber-criminals only target large multinational corporations. They can actually benefit more from attacking small to medium sized businesses. According to Graphus, 65% of all organisations faced business email compromise attacks in 2020 alone, so what can you do to make sure your business and team are ready to deal with a BEC attack when it occurs?

How to Protect your Team from Business Email Compromisesection_3

There are several steps you can take to protect your team from business email compromise:

Spam email filter solution

By following these steps, you can significantly reduce the chances of your business being impacted by a business email compromise attack. However, it’s important to remember that BEC attacks are constantly evolving, so it’s important to stay up-to-date on the latest threats and how to protect against them.

For more information on business email compromise and how to protect your business, visit our learning centre to learn everything you need to know about cybersecurity. The potential threat of business email compromises can be incredibly difficult to deal with by yourself, if you would like an IT specialist to help manage and protect against these cyber-attacks, please get in touch today by phoning us on 01315100100 or fill out a contact form on our website.


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