Guarding Against the Threat of Silent Assassins: Understanding BEC and BCC risks

?Let me tell you a story. Picture this: You're sitting at your desk, a busy day as usual when you get an urgent email from your company’s CEO. They need you to transfer funds immediately for a sensitive deal that can't wait. The email seems legit—the tone, the urgency, and even the signature look perfect. Without thinking twice, you act on it. Fast forward to a week later, and you discover it wasn’t the CEO. It was a scam, and you've just made a hefty payment to a cybercriminal. That's Business Email Compromise (BEC) in action.

Now, if you think this is an isolated incident, think again. According to cybersecurity experts from Munich Re, BEC and Business Communication Compromise (BCC) attacks are expected to surge. These attacks are designed to trick employees into performing harmful actions—anything from wiring money to sharing sensitive company data.

What makes BEC particularly dangerous is that it doesn’t require a hacker to be technically savvy. Unlike ransomware or other complex cyber threats, BEC often hinges on good old-fashioned deception, playing on trust and authority. And the payoff? It's huge. Companies have lost millions of dollars due to a simple email or phone call gone wrong.?

The evolution of BEC: More than just emails

?When we think of BEC, most of us picture email scams. But the game is changing. Scammers aren’t just sticking to emails anymore. They’ve expanded their reach to communication platforms like Slack, Microsoft Teams, WhatsApp, and even social media. Essentially, wherever your company communicates, scammers can infiltrate.

Let's look at a real-world example from 2024: A Hong Kong-based multinational company employee received what seemed like a regular video call from colleagues, including the CFO. After discussing some urgent financial matters, the employee transferred $26 million to an account provided during the call. The kicker? The CFO and the other colleagues weren’t real. The entire call was staged using deepfake technology—AI-generated fake voices and faces that mimicked real people. In this case, the employee was the only human on the call, while AI drove the entire scam.

Scary, right? It’s one thing to be fooled by an email, but another when advanced AI makes it nearly impossible to differentiate between reality and fiction. Deepfakes are no longer confined to movie studios or social media pranks; they’re becoming a weapon of choice for cybercriminals, blending in seamlessly with our everyday communication tools.

?Business Communication Compromise (BCC): The broader landscape

?Business Communication Compromise (BCC) expands on BEC by targeting not just email but all forms of communication within an organization. Imagine being a manager who receives a message on WhatsApp from a colleague asking for confidential client information. The request feels routine—until you find out that the colleague never sent it.

?BCC isn’t just about transferring money. It’s about extracting valuable data, altering business deals, or causing general chaos within a company’s operations. In some cases, hackers can compromise internal communication channels, pushing fake messages and orders that disrupt the entire flow of work. These attacks aren't as widely discussed as BEC, but they are equally, if not more, damaging.

The Human Factor: Why We Fall for It

?You might wonder—how do intelligent, experienced professionals fall for these schemes? The answer is surprisingly simple: trust. We’re wired to trust the people we work with, and scammers know this. They exploit relationships, mimic authority, and create urgency.

?Think about it: If your boss asked you to handle something sensitive and time-critical, would you question it? Most of us wouldn’t. In the context of a busy workday, where speed is often prioritized over skepticism, it's easy to fall victim.?

Moreover, as companies move towards more remote or hybrid work environments, we’re relying on digital communication more than ever before. When you're not meeting face-to-face, it's harder to verify whether the person you're interacting with is who they say they are.

The Cost: More Than Just Financial Losses

?We all know the financial damage these scams can cause—millions, if not billions, are lost globally each year. But there’s another, often-overlooked cost: reputational damage.?

When a company falls victim to a BEC or BCC attack, it erodes trust—not just between employees, but also with clients, stakeholders, and the public. For example, imagine being a client who learns that their personal data was compromised due to a careless communication mistake by a company. It doesn't just affect your finances—it shakes your trust in that company. In some cases, companies may never fully recover from the reputational blow.

?How to protect your Business: Strategies that work

?So, what can businesses do to combat these threats? It all starts with awareness. Here are some actionable steps:

?1. Training and Education: Companies need to invest in regular training sessions, teaching employees how to spot phishing attempts and suspicious communications. These should be ongoing, as scammers continuously evolve their tactics.

?2. Two-Factor Authentication: Require employees to use two-factor authentication (2FA) on all communication platforms. This adds an extra layer of security, making it harder for hackers to infiltrate.

?3. Verification Protocols: Implement a verification system for financial transactions or requests involving sensitive data. Employees should always double-check with the requestor via a different communication method before taking any action. For instance, if you receive an email from the CEO asking for a wire transfer, verify it through a phone call or face-to-face meeting.

?4. AI Monitoring Tools: Ironically, just as AI is being used to facilitate scams, it can also help prevent them. There are now AI-driven monitoring tools that can detect unusual communication patterns or suspicious requests, alerting teams before any damage is done.

?5. Simulations: Consider running periodic internal simulations of BEC or BCC attacks to test your team's response. It’s one thing to talk about prevention; it’s another to practice it.

Final Thoughts

Business Email Compromise and Business Communication Compromise are here to stay, and they’re only getting more sophisticated. As scammers become more adept at blending in with legitimate communication, companies must become equally savvy in their defences. It’s not just about preventing financial losses; it’s about safeguarding trust—both within your organisation and with the outside world.

The key takeaway? Always verify before you act. Whether it’s an email from the CEO or a message from a colleague, never take anything at face value. In today’s digital world, a healthy dose of skepticism can be your best line of defence.