Business Email Compromise (BEC) attacks are a growing concern for small- and medium-sized businesses worldwide. These sophisticated cybercrimes involve malicious actors gaining unauthorized access to a company’s email system, deceiving employees and manipulating them into transferring funds or revealing sensitive information.
But, as we all know, an ounce of prevention … is worth two … in the bush, right?
Or something like that.
Here’s how you can be proactive.
The true danger of BEC attacks lies in their ability to exploit trust and familiarity. Attackers often impersonate high-ranking executives, customers or trusted partners to convince employees to follow their instructions blindly. The consequences can be devastating, resulting in financial loss, reputational damage and legal complications.
According to the 2021 FBI Internet Crime Report, BEC attacks resulted in financial losses of over $1.8 billion globally in 2020. While specific data on the costs to small- and medium-sized businesses in Victoria, BC, may not be readily available, it is important to note that these businesses are frequently targeted by cybercriminals due to their potentially less robust security measures compared to larger enterprises.
These attacks not only drain financial resources but also divert valuable time and energy from running and growing a business.
To protect your business from BEC attacks, here are five simple strategies:
- Employee Education: Train your staff to recognize and report suspicious emails, emphasizing the importance of verifying requests through multiple channels.
- Strong Authentication: Implement multi-factor authentication (MFA) for all email accounts to provide an extra layer of security against unauthorized access.
- Robust Security Measures: Regularly update and patch your software, install reliable antivirus and anti-malware solutions, and employ strong firewalls to safeguard your IT infrastructure.
- Strict Financial Protocols: Establish strict procedures for financial transactions, including the verification of wire transfer requests through independent means, such as a phone call to a known contact.
- Managed IT Services: Consider outsourcing your IT needs to a reputable managed services provider (MSP). An MSP can offer specialized expertise, proactive monitoring and comprehensive security measures to defend your business against evolving cyber threats.
Remember, as Uncle Ben famously said to Spider-Man, “With great power comes great responsibility.” As your business grows, so does the need for robust cybersecurity measures. By implementing these strategies and staying vigilant, you can protect your business from the threat of BEC attacks and focus on what you do best: running and expanding your enterprise.
If you need a hand or some advice, don’t hesitate to call us. We would love to put our expertise to work for your business.
Ian Robertson
