The Basics of Business Email Compromise
Business email compromise (BEC) occurs when an attacker uses a spoofed email account or malicious software to gain access to an organization’s financial resources. The attacker will usually pose as a CEO, executive, vendor or customer in order to trick employees into transferring money to their own account. This type of attack can be difficult to detect, as the attacker will often have knowledge of the organization’s internal procedures.
BEC attacks can have a significant financial impact on an organization. In some cases, attackers steal millions of dollars from their victims. Additionally, BEC attacks can damage an organization’s reputation and cause customers to lose trust in the company.
Risks Associated with Business Email Compromise
BEC can have significant impacts on your business. They can cause significant financial losses and disrupt operations. Here are some common risks associated with BEC:
- Financial Losses: This can happen if you make payments to fraudulent accounts or if you are tricked into sending money to a scammer.
- Operational Disruption: This can happen if you are unable to access your email account or if you receive spoofed emails that look like they are from your company.
- Reputational Damage: This can happen if your customers find out that you have been hacked or if you have been tricked into sending money to a scammer.
- Legal Problems: This can happen if you are sued for making payments to fraudulent accounts or if you are accused of sending money to a scammer.
- Emotional Stress: This can happen if you are worried about being hacked or if you are worried about being tricked into sending money to a scammer.