Cybercriminals continue to become more sophisticated, leveraging a wide range of tactics in order to attack their victims. One tactic that has increased in frequency, complexity and resulting losses over the past few years is the use of business email compromise (BEC) scams.
Put simply, a BEC scam entails a cybercriminal impersonating a seemingly legitimate source—such as a senior-level employee, supplier, vendor, business partner or other organization—via email. The cybercriminal uses these emails to gain the trust of their target, thus tricking the victim into believing they are communicating with a genuine sender. From there, the cybercriminal convinces their target to wire money, share sensitive information (e.g., customer and employee data, proprietary knowledge or trade secrets) or engage in other compromising activities.
BEC scams can lead to numerous consequences within your organization—including stolen data, financial hardship and potentially severe reputational damages. Nevertheless, these scams can be deterred through various cybersecurity techniques. Review this guidance to learn more about what BEC scams are and top measures that your organization can implement to prevent such scams.