Security Alert: A Surge in Business Email Attacks

Email is an indispensable tool for modern businesses, but with its benefits comes the need for vigilance and security.

As a business owner, safeguarding your email system is crucial to protecting sensitive data and keeping it out of the wrong hands.

One of the biggest threats right now is Business Email Compromise (BEC) – and falling victim to it could be costly.

What is a BEC Attack?

BEC attacks involve scammers impersonating key figures within a company, such as CEOs, executives, or IT staff. Their goal? To deceive employees into divulging sensitive information or transferring funds. Research reveals that nearly 90% of BEC attacks are carried out using this method.

It’s easy to see how someone might act quickly and without hesitation when they trust the sender’s authority.

Alarming Trends in BEC Attacks

The frequency of BEC scams has skyrocketed, especially in the third quarter of this year. Analysis of 1.8 billion emails worldwide uncovered 208 million malicious emails, over half (58%) of which were BEC attempts.

The takeaway is clear: BEC scams now pose the greatest email-based threat to businesses.

Interestingly, most of these attacks target employees lower in the organizational hierarchy. These individuals may be less familiar with cyber threats or less inclined to question instructions from senior staff.

BEC Isn’t the Only Threat

While BEC scams dominate, other tactics like phishing and commercial spam remain prevalent. These methods aim to extract sensitive information, such as login credentials, and collectively, they now outpace traditional ransomware and malware attacks.

Protecting Your Business Is Easier Than You Think

The good news? Defending against email threats doesn’t have to be complex or costly.

Ensure your team is trained to critically evaluate every email they receive. If an email requests sensitive information or a financial transaction – especially if it conveys urgency – employees should pause and verify its authenticity before taking action.

Additionally, take the time to connect with your IT and security leaders to understand the current policies and practices in place to protect your business.

Need assistance securing your business? We’re here to help.