Thus, companies need to be aware of the warning signs and have procedures to prevent such scams. If you receive a suspicious email or link to a website, do not respond and immediately alert your company’s finance department and security team. Business email compromise protection is crucial because of the profound risks BEC attacks create. BEC attacks can cause serious financial loss to companies, and can be equally costly to the employees, customers or partners who are victimized. Mimecast email security services protect users on all the devices they use, including desktop, mobile and personal devices.

This is a major concern for businesses, as it can lead to Business Email Compromise scams, which can result in significant financial losses. BEC attacks increased 14% in 2020 and resulted in payouts that were 30% larger than the previous year, with 65% of organizations facing BEC attacks and costs rising from $54,000 to $80,183 in one quarter. The energy and infrastructure sector was the most targeted with 93% of BEC attacks. Cybercriminals use researched information to target employees more effectively to convince them to click a link, send funds, provide login credentials, and more.

Two-Factor Authentication for Business Email Accounts

This communication often uses persuasion, urgency, and authority to gain the victim’s trust. The perpetrator then provides wire instructions to the victim to facilitate making payments to a fraudulent account. A compromised employee account requests a change in payee information and transfers payments to the perpetrator’s account. Check Point Harmony Email & Office provides protection against BEC attacks and data loss prevention. To see Harmony Email & Office in action, you’re welcome to schedule a free demo.

Business Email Compromise is a clever phishing email scam that typically targets employees of companies who regularly send wire transfers to their partners. Encourage security leaders and cyber security heroes to monitor employees’ BEC and phishing awareness with regular phishing simulations. Use microlearning modules to educate, train, and change the behavior of employees who are struggling. In these attacks, a hacker will send an employee a phishing email posing as a trusted individual to trick the victim into handing over sensitive information about the company, sending money, or sharing intellectual property.

Examples of Business Email Compromise Attacks

In 2019, BEC attacks accounted for more than $26 billion in adjusted losses globally. Fraudsters are using COVID-19 as an excuse to request fraudulent payment changes, with one case involving a $1 million payment. Between June 2016 and December 2021, there were 241,206 reported incidents of internet crime resulting in a total exposed loss of $43,312,749,946. The software can be deployed in virtual, hosted cloud, on-premises, or hybrid network environments.

It also serves as a warning to other industries that may be vulnerable to BEC attacks, as it demonstrates the potential for significant financial losses if they are not adequately prepared. It also shows that U.S. victims are particularly vulnerable to BEC scams, with close to $15 billion in exposed losses reported. In this blog post, we will take a look at the latest statistics on BEC attacks and discuss what businesses can do to protect themselves from this growing threat. We will also discuss the importance of employee education and awareness when it comes to preventing BEC attacks. Finally, we will explore the potential for using technology to detect and prevent BEC attacks. If an employee falls for these tactics, it could do damage far beyond personal embarrassment.

The Most Surprising Website Load Time Statistics And Trends in 2023

https://www.wave-accounting.net/ scammers are utilizing a new type of attack targeting investors that could leverage payouts seven times greater than average. The Federal Bureau of Investigation warned today that US organizations and individuals are being increasingly targeted in BEC attacks on virtual meeting platforms. Microsoft’s Security Intelligence team recently investigated a business email compromise attack and found that attackers move rapidly, with some steps taking mere minutes.

Business email compromise is a sophisticated phishing scam that targets businesses and individuals via email to access financial information or other sensitive data. The Mimecast solution helps organizations like yours prevent business email compromise that can carry tremendous financial or reputational loss. Unlike vendors of standalone security or backup products, Mimecast tackles business email compromise with a layered cyber resilience solution. Instead of asking for cash, the cybercriminal asks an HR professional for an employee’s W-2 data.