Celebrated annually during the second week of June, National Email Week highlights email’s role as an indispensable tool for businesses. It offers a fast, cost-effective, and reliable way to communicate, making it an essential part of business operations.
However, as useful as email is, it also opens the door to a growing cyberthreat called business email compromise (BEC). For small and medium businesses, this risk can result in significant financial losses and reputational damage. Now more than ever, it’s crucial to understand what BEC is and how to protect your business from falling victim to this increasingly common threat.
What is business email compromise?
BEC is a sophisticated form of phishing where cybercriminals use email to defraud businesses. By impersonating trusted individuals — such as a supplier, colleague, or senior executive — they trick victims into transferring funds, sharing sensitive company data, or clicking malicious links.
To make their emails appear legitimate, cybercriminals carefully research their targets. They also employ various deceptive tactics, including:
- Using real names and job titles
- Mimicking email addresses of colleagues, suppliers, or executives
- Creating urgent requests to pressure employees to act quickly
- Inserting deceptive instructions into ongoing email conversations
Because the emails seem trustworthy, employees may not question them, and that’s where the danger lies.
Here are some common examples of BEC scams:
- Fake invoice scams: Cybercriminals impersonate suppliers requesting payment for fradulent invoices.
- Executive impersonation: Posing as senior executives, cybercriminals send seemingly urgent messages requesting wire transfers or sensitive information.
- Email account takeovers: Cybercriminals hijack legitimate email accounts and use them to request money, change payment details, or spread malware.
- Fake links or attachments: Victims unknowingly click on malicious links or attachments that allow malware to infect their systems.
How to safeguard your business from BEC scams
Since many employees now work remotely or in hybrid setups, BEC scams have become more prevalent and harder to detect. Fortunately, there are tools and strategies you can use to help you stay one step ahead and protect against these sophisticated attacks.
Train your workforce
Your employees are your business’s first line of defense against email scams. Regular cybersecurity training helps staff recognize suspicious emails and understand what to do if they receive one. Training should cover:
- How to spot fake email addresses and links
- The critical need to verify requests for financial transactions or sensitive information
- Encouraging employees to report suspicious messages immediately
Always verify requests
If you receive an email asking for payment or sensitive information, confirm its legitimacy through an alternative communication method. For instance, call the individual using a trusted phone number — never the one provided in the email — or, if feasible, verify the request in person. Taking a moment to double-check can save you from making costly errors.
Establish financial controls
Implement safeguards for financial transactions. For example, require two approvals for wire transfers or changes to payment details. This precaution reduces the chance that fraudsters will be able to redirect your funds.
Implement email authentication protocols
Protect your company’s email domain from spoofing with authentication tools such as Domain-based Message Authentication, Reporting, and Conformance (DMARC). By verifying the sender’s domain, DMARC identifies and blocks spoofed emails, significantly reducing the risk of fraudulent messages reaching your inbox.
Encrypt your emails
Email encryption protects the contents of your messages by making them unreadable without the proper decryption key. This way, even if cybercriminals manage to intercept your emails, they won’t be able to access sensitive information.
Enable multifactor authentication (MFA)
Because passwords can easily be guessed or stolen, enabling MFA across all email accounts significantly boosts security. MFA requires users to provide another proof of identity, such as a code sent to their phone. This extra step helps block unauthorized access even if login details are compromised.
Keep software updated
Outdated systems are an easy target for cyberattacks. That’s why it’s important to regularly update email servers, antivirus software, and security tools. Updates address vulnerabilities that cybercriminals could exploit for BEC attacks.
Monitor and audit email activity
Consistently monitor your systems for unusual activity and conduct regular security audits to identify potential vulnerabilities. By staying proactive and responding quickly, you can reduce risks, limit damage, and strengthen your business’s overall security posture.
Develop an incident response plan
Make sure your company is prepared to handle a BEC attack by creating a detailed response plan. Outline clear procedures for isolating affected systems, notifying the appropriate authorities, and effectively communicating with stakeholders about the incident. Regularly practice and refine this plan to ensure everyone knows what to do in the event of an attack.
National Email Week is the perfect time to evaluate your email security. If you’re looking to strengthen your cyber defenses, SpectrumWise offers managed IT services designed to protect your email and IT systems with robust security measures. Schedule a consultation with us to get started.
