What does BEC stand for?

Q: What does BEC stand for?

BEC stands for Business Email Compromise - a highly targeted and sophisticated digital attack scheme which involves a threat actor gaining access to a corporate email account and spoofing the account owner’s identity in order to steal money. BEC attacks are very prevalent due to their simplicity and effectiveness, and these exploits can have devastating consequences for victims including significant monetary losses, decreased productivity and serious reputation damage. BEC attacks are becoming increasingly common - between May 2018 and July 2019 the FBI reports that there was an astounding 100 percent increase in identified global exposed losses due to BEC, and this advanced exploit has generated losses of $26 billion worldwide. Steve Baker, an international investigations specialist for the Better Business Bureau elaborates on the prevalence of BEC: “Businesses don’t want to talk about it; they’re embarrassed and don’t want to look vulnerable. But ask just about any organization and they’ll probably tell you they’ve received an email attempting some version of this fraud.” Engaging in basic email security best practices can mitigate companies’ risk of suffering the devastating aftermath of a BEC attack; however, investing in a threat-ready, fully-managed cloud email security solution is the best way to protect against this dangerous, costly exploit. Implement a comprehensive, fully-managed cloud email security solution. Investing in an email security solution that prevents all malicious and fraudulent emails from reaching the inbox is the most effective way to prevent BEC and other advanced exploits.

What Is Business Email Compromise (BEC)? And Other BEC FAQs

We reviewed your most pressing questions about business email compromise (BEC) and how to take care of an attack.

What is BEC? What Does BEC Stand For in Cybersecurity?

BEC stands for Business Email Compromise, so what is Business Email Compromise? Also frequently called CEO fraud, it describes a set of email attack types that are highly targeted and sophisticated. Threat actors impersonate CEOs and higher-ups in an organization through email spoofing or compromised accounts. These email threats focus on stealing login credentials and sensitive data. Usually, a BEC attack occurs through a phishing email attack, as phishing campaigns typically focus on gaining such information from business employees. Then, hackers can install malware, such as ransomware, that can severely harm a company’s reputation.

How Harmful Is a BEC Attack?

Email G9cfecdf1 Esm W417 Threat actors often employ Business Email Compromise due to how simple and effective BEC can manipulate platform exploits and inflict devastating, damaging consequences, including significant monetary losses, decreased productivity, and severe reputation damage. Between May 2018 and July 2019, the FBI reported that global losses due to BEC increased by 100 percent, causing companies to have generated $26 billion in losses worldwide.

Steve Baker, an international investigations specialist for the Better Business Bureau, stated, "Businesses don’t want to talk about [Business Email Compromise]; they’re embarrassed and don’t want to look vulnerable. But ask about any organization, and they’ll probably tell you they’ve received an email attempting some version of this fraud.” These email security threats have become more prevalent as companies implement inadequate or abnormal email security services, leaving gaps in their cybersecurity defenses.

What Are Some Identifiers of a BEC Attack?

If you're wondering, what are some identifiers of a BEC attack, they often include unexpected requests for wire transfers, urgent language from executives, or discrepancies in email domains (like one letter off from the actual domain). Always look for signs of email spoofing, unusual grammar, or links that redirect to suspicious websites. Staying vigilant about these warning signs is key to preventing BEC attacks.

How Can I Mitigate BEC Risks?

Your business must use email security best practices to reduce your chances of suffering from the detrimental impacts of business email compromise. Here are a few options that you must consider when strengthening email protection:

Install a spam filtering service to keep unsolicited, suspicious messages out of your inbox. Filters can quarantine emails and potential BEC attacks before they reach employees.
Set up email encryption services like SPF, DKIM, and DMARC. Regularly reviewing your DMARC report analyzer can help you identify a DMARC fail before attackers exploit it.
Utilize Multi-Factor Authentication on every platform as an extra step for your employees to take when entering your server, keeping your data protected.
Back up critical files in case email security breaches enter your system and delete information from your server.
Hold email security training opportunities so your employees can prepare for any email threats that could cross their inboxes at work. Educate staff on how to evaluate questionable messages—for example, how do I know if an email from Social Security is legitimate? Training should include recognizing fake domains, malicious attachments, and social engineering tactics.

Keep Learning About BEC Protection with Guardian Digital

Cybersafety Esm W500 Suppose these steps take too much time, money, and energy away from your daily operations, regardless of the size of your organization. In that case, you can check out Guardian Digital EnGarde Cloud Email Security software. EnGarde is a threat-ready, fully-managed, multi-layered cloud email solution that prevents attacks from phishing pages, mitigates email security issues, and frequently updates business email compromise solutions. Guardian Digital can also help analyze your DMARC compliance using a DMARC report analyzer, helping you avoid a DMARC fail before it becomes a costly error. Stop phishing emails from harming your system and causing lasting damage to your company. Experience 24/7/365 customer service support with constant monitoring and management from our IT security professionals at Guardian Digital.