Every business owner needs to read this.
Business Email Compromise (BEC) attacks are one of the fastest-growing — and most costly — cyber threats facing small and mid-sized businesses today.
In 2023 alone, BEC scams caused a staggering $6.7 billion in losses worldwide. And the threat is only getting worse: a recent study by Perception Point found that BEC incidents surged by 42% in the first half of 2024 compared to the same period the year before.
What’s fueling this alarming trend? Artificial Intelligence.
Cybercriminals are now leveraging AI to craft more convincing emails, impersonate executives, and automate attacks at scale — making these scams harder to detect than ever.
What Is Business Email Compromise (BEC)?
Business Email Compromise is a targeted form of cyberattack where hackers gain access to or spoof email accounts to trick employees, vendors, or partners into transferring money or sharing sensitive data.
Unlike typical phishing attacks, BEC scams don’t rely on shady links or sketchy attachments. Instead, they exploit human trust by mimicking real people — often a company executive, vendor, or finance partner.
Why BEC Attacks Are So Dangerous
BEC scams are difficult to catch and devastating when successful. Here’s why:
- Massive Financial Losses
The average BEC attack results in over $137,000 in losses. Recovery is often impossible.
- Business Disruption
A compromised email account can halt operations, trigger audits, and spark legal and financial fallout.
- Reputational Damage
Customers lose trust fast when they learn their data may have been exposed.
- Internal Confidence Drops
Employees may feel uneasy, knowing internal systems were breached.
Common Types of BEC Scams
Cybercriminals get creative. Here are four common BEC attack types your team should recognize:
1. Fake Vendor Invoices
Scammers impersonate real vendors and send authentic-looking invoices requesting wire transfers.
2. CEO Fraud / Executive Impersonation
Hackers pose as company leaders, sending urgent requests to employees for funds or sensitive information.
3. Compromised Email Accounts
Real email accounts are hijacked and used to send malicious messages from a trusted source.
4. Vendor or Partner Impersonation
Emails that appear to come from partners or suppliers — but aren’t. These scams often request payment updates or sensitive files.
How To Prevent BEC Attacks In Your Business
The good news: with the right cybersecurity measures, BEC attacks are highly preventable. Here’s how to defend your organization:
1. Train Your Team
Security awareness training is your first line of defense.
- Teach staff how to spot red flags in emails.
- Flag emails marked “urgent” or “confidential.”
- Require verbal or secondary confirmation for financial requests.
2. Use Multifactor Authentication (MFA)
Even if a password is compromised, MFA can block unauthorized access. Enable it on every business account, especially email and banking portals.
3. Strengthen Email Security
Invest in advanced email filtering to block suspicious links, spoofed addresses, and malware.
- Audit user access regularly.
- Remove former employees from systems immediately.
4. Verify Financial Transactions
Always confirm payment requests through a second channel — like a phone call or in-person conversation.
5. Test Your Data Backups
Don’t wait until disaster strikes. Regularly test your backups to ensure they’re functional and restorable.
Ready To Secure Your Business?
Cybercriminals are adapting fast — but your business doesn’t have to be an easy target. With a proactive approach to BEC prevention, you can protect your finances, your reputation, and your team.
Start with a FREE Network Assessment
We’ll analyze your current systems, identify vulnerabilities, and help you implement a security-first approach to email protection.
Click here to schedule your FREE Network Assessment today.
Let’s stop Business Email Compromise in its tracks — before it stops your business.
