Share this article on:
Powered by MOMENTUMMEDIA
Breaking news and updates daily.
While preventing ransomware attacks is a key priority for any IT security team, another type of threat could prove much more costly to their organisation.
Dubbed business email compromise (BEC), these attacks are one of the fastest-growing types of cyber crime and have been shown to be causing around 80 times the losses that stem from ransomware.
According to the Verizon 2023 Data Breach Investigations Report, BEC attacks nearly doubled during 2022, while the average amount stolen in each incident climbed to US$50,000.
BEC attacks are problematic because they can be very difficult to spot. Cyber criminals create email messages that appear to have come from a legitimate source and request that the recipient either provide personal details or make payment of a fake bill.
Some emails direct the recipient to what appears to be an authentic website on which they are encouraged to enter things such as bank account login details or access credentials for their work-related IT systems.
Protecting against these attacks is, therefore, essential to safeguard an organisation’s integrity and reputation. It’s also important when it comes to protecting financial assets and the privacy of staff.
To achieve effective protection against BEC attacks, a security team must have in place a comprehensive strategy that addresses both technical and human vulnerabilities. Such strategies need to incorporate seven key elements:
The challenge of detecting and rapidly responding to BEC attacks is increasing as the sophistication of cyber criminals grows. By taking the steps outlined, organisations can be better positioned to spot potential attacks before they cause disruption or loss.
Anthony Daniel is the regional director for Australia, New Zealand, and Pacific Islands at WatchGuard Technologies.
Be the first to hear the latest developments in the cyber industry.