Business Email Compromise

What is Business Email Compromise?

Business Email Compromise (BEC) is a type of cyber crime where attackers use email fraud to trick organisations into making unauthorised transfers of funds or revealing sensitive information. This often involves impersonating a trusted individual or entity, such as a CEO, vendor, or business partner.

What is a Business Email Compromise Attack?

A Business Email Compromise attack is a targeted phishing or social engineering attempt to exploit a business's email system. Attackers typically gain unauthorised access to legitimate email accounts to deceive employees into transferring money, divulging confidential data, or altering payment details.

Business Email Compromise Meaning

The term 'Business Email Compromise' refers to fraudulent schemes where cyber criminals compromise business email accounts to manipulate or deceive organisations for financial or data gain.

Business Email Compromise Definition

Business Email Compromise is defined as a sophisticated scam targeting businesses that regularly perform wire transfers or share sensitive data. Attackers use email spoofing, phishing, or compromised credentials to impersonate trusted parties.

How to Prevent Business Email Compromise?

Organisations can prevent BEC attacks by:

• Implementing multi-factor authentication (MFA) for email accounts.

• Training employees to recognise phishing attempts.

• Using email security tools that detect spoofed domains and suspicious activity.

• Regularly updating and patching email systems.

Business Email Compromise Prevention

Effective prevention strategies include:

• Verifying payment requests through secondary communication channels.

• Limiting access to sensitive financial information.

• Conducting regular security audits and risk assessments.

• Encouraging a culture of cybersecurity awareness among employees.

Why Business Email Compromise Attack is Harder to Detect

BEC attacks are challenging to detect because they often rely on legitimate email accounts or highly convincing impersonations. Unlike typical phishing emails, these attacks do not contain obvious red flags like malicious links or attachments, making them difficult to identify.

How Does Business Email Compromise Work?

BEC attacks typically follow these steps:

1. The attacker gains access to or spoofs a trusted email account.

2. They craft convincing emails targeting employees with financial authority or access to sensitive data.

3. The victim is tricked into performing unauthorised actions, such as transferring money or sharing confidential information.

Business Email Compromise Detection

Detection strategies include:

• Monitoring for unusual email activity, such as login attempts from unknown locations.

• Using AI-powered email security systems to flag anomalous communication patterns.

• Cross-checking email requests for urgent financial transactions.

Business Email Compromise Types

Common types of BEC attacks include:

• CEO Fraud: Impersonating executives to request urgent payments.

• Vendor Email Compromise: Manipulating vendor relationships to alter payment details.

• Account Compromise: Gaining control of email accounts to send fraudulent emails.

• False Invoice Scams: Sending fake invoices for payment.

• Data Theft: Targeting HR or finance departments to steal sensitive information.