Email Spoofing:

Cybercriminals use email spoofing techniques to make it appear as though an email is sent from a trusted executive or a high-ranking official within the organization. The goal is to deceive recipients into believing the email is legitimate.

Impersonation of Executives:

Attackers often impersonate executives, such as CEOs or CFOs, to give their fraudulent requests an air of authority. They may request sensitive information, initiate fraudulent transactions, or direct employees to take actions that benefit the attackers.

Employee Impersonation:

In some BEC attacks, cybercriminals may impersonate regular employees within an organization. This could involve using compromised email accounts or creating fake accounts that mimic the communication style of the impersonated employee.

Invoice Fraud:

BEC attacks frequently involve invoice fraud, where attackers manipulate invoices or payment requests. They may change bank details, amounts, or other critical information in invoices, leading to fraudulent fund transfers.

Credential Theft:

Cybercriminals may employ phishing techniques to trick employees into revealing login credentials. Once these credentials are obtained, attackers can gain unauthorized access to email accounts and conduct further fraudulent activities.

Mitigating the risks associated with Business Email Compromise requires a combination of technological solutions, employee education, and proactive security measures. Here are some preventive measures:

Employee Training and Awareness:

Conduct regular training sessions to educate employees about the tactics used in BEC attacks. Make them aware of the importance of verifying email requests, especially those related to financial transactions or sensitive information.

Implement Multi-Factor Authentication (MFA):

Enable multi-factor authentication on email accounts. MFA adds an extra layer of security by requiring additional verification steps, even if login credentials are compromised.

Secure Email Gateways:

Implement secure email gateways that can detect and block emails with suspicious characteristics. These gateways use advanced threat intelligence and analysis to identify potential BEC attacks.

Email Authentication Protocols:

Deploy email authentication protocols such as DMARC (Domain-based Message Authentication, Reporting, and Conformance) to help prevent email spoofing. DMARC enables organizations to specify how their emails should be authenticated.

Verification of Requests:

Encourage employees to verify any requests for sensitive information or financial transactions, especially those received via email. Establish clear communication channels for verifying such requests, such as contacting the requester through a known phone number.

Domain Name Monitoring:

Monitor domain names similar to the organization’s official domain. Cybercriminals often create domains that closely resemble legitimate domains to conduct BEC attacks.

Strict Access Controls:

Limit access to sensitive systems and information. Implement strict access controls to ensure that only authorized personnel have access to critical systems and data.

Quantifying the exact number of victims affected by Business Email Compromise is challenging due to factors such as underreporting and the targeted nature of these attacks. BEC contributes to the broader landscape of cyber threats, resulting in financial losses, compromised data, and reputational damage.

The Ubiquiti Networks Incident:

In 2015, Ubiquiti Networks fell victim to a BEC attack where attackers impersonated executives. The company lost approximately $46.7 million due to fraudulent wire transfers.

The Mattel Case:

In 2015, the finance department at Mattel received an email appearing to be from the new CEO, instructing them to transfer a substantial sum of money. The company narrowly avoided a significant loss through quick intervention.

The Facebook and Google Case:

In 2017, a Lithuanian man scammed Facebook and Google out of over $100 million through a BEC scheme. He posed as a legitimate vendor and sent invoices for services that were never provided.