Global Cyber Attack:Business Email Compromise(BEC)

Introduction:

Business Email Compromise (BEC) stands as a cunning and targeted cyberattack technique. Leveraging the power of email, cybercriminals adeptly impersonate trusted figures to deceive victims into unwittingly engaging in harmful actions. These actions, ranging from financial transactions to the disclosure of sensitive information, underscore the insidious nature of BEC.

This article delves into the intricacies of BEC attacks, shedding light on its modus operandi and offering actionable strategies to fortify defenses against this pervasive menace.

What is BEC?

• Business email compromise (BEC) is a cyberattack technique that uses email to impersonate a trusted person and trick the victim into taking a harmful action
• The action could be transferring money, sharing data, or divulging sensitive information. BEC is a form of social engineering or phishing that targets organizations and employees.
• The attacker forges an email message that looks genuine and uses a similar email account to the one used by the business.

How it Enters our Environment?

Business Email Compromise (BEC) can enter an environment through various methods, including email account compromise, CEO fraud, and spoofed email domains.

Attackers may pose as company employees or vendors to commit wire transfer fraud, leading to significant financial risks and losses they often use social engineering tactics and carefully research their targets to create convincing fraudulent emails.

How to Prevent BEC Attack?

• Encrypted Communication: Encourage the use of encrypted communication channels, especially for sensitive information. Encryption adds an extra layer of protection, making it challenging for attackers to intercept and manipulate messages.
• User Behavior Analytics (UBA): Deploy UBA solutions to monitor and analyze user behavior across the organization. This helps in identifying anomalies, such as unexpected login times or unusual access patterns, indicative of a potential BEC attack.
• Robust Email Security Measures: Implement advanced email security solutions capable of detecting and blocking suspicious attachments, links, and phishing attempts. Regularly update and patch these security tools to stay ahead of evolving threats.
• Email Authentication Tools: Leverage technologies like SPF (Sender Policy Framework), DKIM (DomainKeys Identified Mail), and DMARC (Domain-based Message Authentication, Reporting, and Conformance) to authenticate and validate incoming emails.

Effects of BEC:

In the event of a successful business email compromise attack, your company may encounter severe consequences, including:

• Significant financial losses ranging from hundreds of thousands to millions of dollars.
• Pervasive identity theft risks if personally identifiable information is compromised.
• Unintentional exposure of confidential data, such as intellectual property, leading to potential consequences.

Now let us look at a scenario:-

• Attack Method: The scammer impersonates a high-ranking executive (CFO) to create a sense of urgency and authority.
• Deceptive Content: The email falsely claims there's an overdue bill that requires immediate payment to avoid consequences.
• Social Engineering: The scammer aims to exploit trust within the organization's internal communication channels.

Preventive Measures:

• Implement multi-level verification for financial transactions, especially when urgent requests are involved.
• Conduct employee training on identifying phishing emails and verifying the authenticity of internal communications.
• Use email authentication tools like DMARC, DKIM, and SPF to detect and prevent email spoofing.

Mitigating Business Email Compromise (BEC):

1. Vulnerability Management:Implement Vulnerability Management practices to identify and address vulnerabilities across digital platforms, reducing potential entry points for attackers.
2. Regular Penetration Testing:Conduct routine penetration testing, including external and internal testing, web application security testing, and cloud penetration testing, to identify and address vulnerabilities proactively.
3. Phishing Attack Simulations:Regularly simulate phishing attacks to gauge the awareness and readiness of employees in identifying phishing attempts. This helps validate the effectiveness of preventive controls.

Conclusion:

In the intricate web of cyber threats, Business Email Compromise (BEC) stands out as a cunning and financially motivated scheme. From initial compromises to phishing emails laden with urgency, scammers exploit human trust and organizational hierarchies. To shield against this, robust cybersecurity practices, employee education, and authentication measures become imperative.