BEC Attacks are on the Rise
Posted December 2024
What is a BEC attack? Business Email Compromise (BEC) is a cybercrime where attackers gain unauthorized access to company email accounts. The methods used include phishing and social engineering tactics. The primary targets are executives or employees with financial control. The main goal is financial gain, but also can lead to access of sensitive company information.
What is the difference between Business Email Compromise vs. Phishing? Business Email Compromise (BEC) attacks use legitimate email addresses, while phishing attacks employ fraudulent ones. However, both fall under social engineering and often use similar tactics.
- BEC attacks surged 108% in 2023
- 70% of organizations experienced BEC attacks in 2023
- US individuals lost $2.94 billion to BEC scams in 2023
- The average cost of a successful BEC attack exceeds $125,000
- 95% of BEC losses ranged from $250 to $984,855
- Cybercriminals use AI to generate convincing, error-free emails
Your business relies on email for everything—customer updates, internal feedback, account management, and more. iPower Technologies’ comprehensive IT email service helps you see when issues occur, prevent potential attacks, and grant access exclusively to internal teams. Keep communication flowing with existing and potential customers, safely.
How to protect your company against a BEC attack:
- Access Controls such as MFA
Protective measures like identity and access management software, which detect unusual behavior and secondary controls like MFA (Multi-Factor Authentication) can prevent attacks before they start. - Security Awareness Training
Security awareness culture empowers employees to recognize email risks, identify suspicious messages, and serve as a critical defense against evolving BEC attacks. - Employ Monitoring Software
To combat BEC attacks that bypass traditional security, organizations need integrated monitoring software that correlates data across systems and quickly alerts to anomalies.
We can help you arm your business againsts BEC attacks. Discover solutions that will keep you business ahead of the curve. Stay informed, stay protected. Partner with us for comprehensive cybersecurity solutions. Contact us today.