Business Email Compromise (BEC) is a type of cyberattack where attackers attempt to deceive organizations by impersonating a trusted individual via email. They may do this by either compromising a legitimate email account, such as an executive, supplier/employee, or spoofing the email address to impersonate someone in authority, such as a boss or colleague. The goal is typically to trick organizations into transferring money, sharing sensitive information, or granting unauthorized access. These attacks often rely on phishing, social engineering, or email spoofing to manipulate recipients.
BEC attacks can cause significant financial loss, data breaches, and disruption to operations. Organizations may unknowingly transfer large sums of money to fraudulent accounts or disclose sensitive information that can be exploited. Beyond the immediate financial harm, BEC incidents can severely damage trust and reputation, potentially leading to legal consequences and regulatory fines.
For instance:
- In the Defense Industry, attackers may compromise or spoof a manager or executive's email to request classified documents or fraudulent payments, which could have serious national security implications.
- In Healthcare, cybercriminals might impersonate hospital administrators to reroute payments meant for medical suppliers, leading to disruptions in hospital operations and patient care.
To reduce the risk of BEC attacks, organizations should implement multi-factor authentication (MFA), conduct employee training on phishing awareness, use email filtering systems, and enforce strict financial verification processes for transactions and fund transfers.