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Business Email Compromise (BEC) is an exploit in which an attacker obtains access to a business email account and imitates the owner's identity, in order to defraud the company, its employees, customers, or partners.
Business Email Compromise attacks are one of the biggest threats to every industry. BEC schemes cost an estimated $1.77 billion in 2019, and that number is only projected to skyrocket in the coming years. Whether you're in the commercial, government, and non-profit sector, you are at risk of BEC attacks.
BEC attackers use low-tech financial fraud that targets companies' sensitive data. They do not leverage malicious URLs or malware attachments. Therefore their attacks easily bypass signature-based prevention mechanisms used by Secure Email Gateways. And other legacy BEC safeguards — such as DMARC — are only effective against a small subset of phishing threats.
Internal Employee
Brand
External Partner/Vendor
Impersonation
Spoofing
Attachment
URL
Payload-less
Employee Inbox
A BEC attacker leverages social engineering tactics — typically accompanied by email spoofing or email compromise via phishing attacks or keystroke logging — to obtain employee credentials and access sensitive information.
A BEC attacker leverages social engineering tactics — typically accompanied by email spoofing or email compromise via phishing attacks or keystroke logging — to obtain employee credentials and access sensitive information.
While BEC attacks can involve many different vectors, they often start when an attacker sends an email to an employee with authorization to send wire transfer payments, requesting a change in business payment from the impersonated address of a supervisor, CEO, or trusted vendor.
While BEC attacks can involve many different vectors, they often start when an attacker sends an email to an employee with authorization to send wire transfer payments, requesting a change in business payment from the impersonated address of a supervisor, CEO, or trusted vendor.
Since the request comes from a seemingly trusted source, an employee will comply with the request. They don't realize that this request has given the attacker the upper hand and compromised their organization's safety.
Since the request comes from a seemingly trusted source, an employee will comply with the request. They don't realize that this request has given the attacker the upper hand and compromised their organization's safety.
BEC attacks can devastate your reputation and your bottom line. From 2016-2019 the FBI averaged that these attacks cost victims upwards of $26 billion. While 100% prevention isn't possible, profiling tools that analyze user relationships and inspect content can help you avoid the full spectrum of BEC challenges.
There are many different types of BEC attacks. Since these scams do not always leverage traditional attack vectors like attachments or malicious links, they may evade identification safeguards.
Knowing what types of BEC attacks exist can help you from becoming a victim.
Attackers utilize many different vectors to invade your network. Two of the most frequent are email impersonation and email spoofing.
Email impersonation uses lookalike credentials of a specific person or entity to impersonate a known sender. Because lookalike credentials are visually similar to a targeted user, targeted brand, or targeted domain, many people cannot spot the discrepancy.
Email spoofing involves an attacker sending a message from -- or as a representative of - an authenticated domain. These attacks may appear to come from legitimate addresses, but with slight variations that cloak the attacker. There are different types of email spoofing including lookalike/cousin domain, and exact domain.
Email is an essential tool for any modern business. Preventing business email compromise attacks is a problem for all businesses. In the face of increasingly sophisticated email attacks, many organizations are looking for solutions for stopping BEC attacks. And many are struggling to find a truly comprehensive solution.
IRONSCALES comprehensive SaaS platform gives you an edge against all attackers with an inside out approach to email security. The IRONSCALES platform protects your organization from BEC attacks by analyzing all email communications and creating unique fingerprint profiles for each user. By cross-checking and verifying all incoming messages, IRONSCALES gives you confidence in a sender's identity while protecting your assets — all in real-time.
The IRONSCALES platform leverages advanced malware and URL protection, computer vision and neural network technology to detect and respond to ransomware in real-time.
Unlike traditional ransomware and malware threat protection software, IRONSCALES offers native API integration with no MX record changes required, real-time and continuous inspection of suspicious URLs and attachments in the inbox, and best-of-breed anti malware and AV engines. Our advanced email ransomware protection tools keep your employees and your company safe. Request a demo of IRONSCALES to see how you can keep your company safe from ransomware.
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