Protect Your Business from Email Compromise Attacks: Learn Why and How to Boost Your Security by 28%

Employees open 28% of business email compromise attacks – Learn why and how to boost your security
Introduction
Business Email Compromise (BEC) attacks are on the rise, and they’re proving to be one of the most expensive forms of cybersecurity threats. According to the Federal Bureau of Investigation (FBI), these attacks are estimated to have cost organizations $12.5 billion between 2013 and 2018. In the first half of 2019, losses from BEC scams have already reached $1.2 billion.

What is Business Email Compromise (BEC)?
Business Email Compromise (BEC) is a type of cyber attack where attackers gain access to an organization’s email account and use it to send fraudulent emails or requests for money or sensitive information. In some cases, attackers can even spoof the emails to make them look like they’re coming from a legitimate source. BEC attacks can be used to target both individuals and organizations, with the most common targets being organizations in the finance, healthcare, and legal sectors.

Employees Open 28% of BEC Attacks
A recent study conducted by the Anti-Phishing Working Group (APWG) showed that 28% of all BEC attacks are opened by employees. This means that employees are playing a major role in the success of BEC attacks, either by being tricked into opening the email or by clicking on malicious links in the email. The study also showed that most BEC attacks are sent during business hours, with the highest rate of attack occurring between 10 am and 11 am.

Why Employees Open BEC Attacks
There are a few reasons why employees may be more likely to open BEC attacks. The first is that employees are often rushed and not paying close attention to the emails they receive. They may not notice the subtle changes or indicators that an email may be a phishing attack. Additionally, attackers are getting better at making their emails look legitimate and can use social engineering tactics to trick employees.

How to Boost Security Against BEC Attacks
Organizations can take several steps to help protect themselves from BEC attacks. The first step is to educate employees on how to identify phishing emails and how to recognize the signs of a BEC attack. Additionally, organizations should implement strong anti-spam and anti-malware solutions, as well as multi-factor authentication, to help protect against BEC attacks.

Conclusion
BEC attacks are on the rise and can be extremely costly for organizations. Employees are playing a major role in the success of BEC attacks, with 28% of all BEC attacks being opened by employees. Organizations should take steps to educate their employees on how to identify phishing emails and implement strong anti-spam and anti-malware solutions to help protect against BEC attacks.
References:
Employees open 28% of business email compromise attacks – Learn why and how to boost your security
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