BEC stands for Business Email Compromise. It is a type of cybercrime where scammers incorporate fake emails to trick employees into taking some actions that benefit the scammer. In these emails, a fraudster acts as a business partner. He or she asks the employee to make certain payment or leak company confidential data.

Introduction

BEC attacks are known to take undue advantage of the corporate world’s dependence on emails as a main technique of communication and employees’ faith in their email communication. Committer incorporate social engineering techniques. However, the attackers depend upon the appeal and urgency to exploit the victim successfully.

As per the recent reports; the FBI received a total of 21,489 BEC complaints. This led to an estimated loss of crossing $2.9 Billion. Last year, a 65% increase in worldwide losses was identified by FBI. As a result more and more organizations are looking for the best cyber security development company, to develop full-proof plans to avoid any sort complexities. Cybersecurity Industry Statistics: ATO, Ransomware, Breaches (spycloud.com)

Why BEC Scams Are Scary?

Reputational damage

If your employees falls a victim to BEC attack it can severely damage your company’s repute. This will lead to compromising the partner’s and customer’s trust to safeguard sensitive data and do secure transactions.

Regulatory and Legal Consequences

Sometimes companies have to encounter regulatory and legal penalties depending the impact and the nature of BEC. This happens if the sensitive information and personal data is compromised.

Business Disruption

Successful BEC scams are known to disturb small and large scale business operations. By attaining entrance to email accounts of high level official, the attacks cans end false messages to employees and partners causing reputation damage.

Data Breaches

Sometimes the main aim of theses scams is to leak confidential information. This leads to unauthorized access to business plans, customer data and confidential records. The lifted data can be utilized for different purposes such as; business espionage, ransom demands and identity theft.

Financial Losses

These scams can cause direct financial damage. It leads to financial losses. Attackers ask victims to transfer card details and transfer money into their accounts.

How To Prevent BEC?

Authenticate Email Requests

It is very important to contact the sender through a different communication channel. This is done prior to responding any email requests; especially those entailing sensitive information and financial transaction. This guarantees the genuineness of the request and decreases the risk of falling victim to BEC scams.

Apply Multi-Factor Authentication (MFA)

Allow MFA for business-critical software systems and email accounts. MFA provides an additional security layer by demanding more verification more than just a password. This incorporates unique login or fingerprint. This makes it difficult for cyber criminals to surpass corporate accounts.

Train Employees

Guarantee that all workers complete an in-depth cybersecurity training. Give them knowledge regarding BEC risks and corporate scamming. Educate those regarding ways to identify social engineering tactics. Ask them to report all kinds of doubtful activity rapidly.

Impose Robust Password Strategies

The passwords for corporate email accounts must be securely saved, regularly upgraded and strong. To circumvent all the risks associated with employee negligence, apply companywide passwords policies that must entail password resets at least every two months. This should include an assimilation of special characters, numbers and letters.

Allow Email Protection

Apply consistent email verification protocols. These protocols include; Domain Keys Identification Mail (DKIM), Sender Policy Framework (SPF), and domain based message authentication, reporting and conformance 9DMARC). These protocols assist in prevention of spoofed emails and decrease the risk of BEC attacks.

Take Strong Security Measures

Incorporate robust security tools like anti-malware software, intrusion identification systems and firewalls. Guarantee efficient security monitoring and logging to identify suspicious activities.

Regular Updating Software

To prevent all kinds of email compromise, you are required to keep all software upgraded to the new versions and patches. The timely updates assist safeguarding of famous security loopholes and vulnerabilities. You must uninstall all kinds of unused software. This is because, hackers easily attack outdated systems to damage your IT infrastructure.

Conclusion 

By applying robust email protection systems, in-depth employee training and other best security practices, companies reduce the risk of falling prey to cyber criminals. Business across the world look for the best cyber security development companies to protect their systems.

Frequently Asked Questions (FAQs)

What is the function of a cyber-security developer?

The main aim of the cyber security software developer is to create computer apps that safeguard networks and systems. Particularly, they design, assess, apply, and manage programs that offer protection against cyber-attacks.

What are the 5 stages of cyber security process?

• Identification
• Protection
• Detection
• Response
• Recovery

What skills you need to master to become a cyber-security expert?

• Coding and encryption
• Application and management of cloud systems
• Familiarity of virtual machines
• Updating yourself with virtual guidelines

What are the three major cyber security types?

• Physical security
• Cloud security
• Network security

If you are stuck up with serious cyber security issues, Diginatives is top notch cyber security Development Company that offer reliable solutions for your problems.