The article suggests ways to avoid BEC attacks, including implementing secure email solutions, regular staff cybersecurity training, and vigilance around monitoring unexpected or suspicious behavior and requests. It also recommends using multifactor authentication (MFA) with biometrics and strong password management, confirming the legitimacy of email addresses, and enforcing a standard protocol for confirming wire transfers or sensitive data requests using face-to-face methods or phone calls to known numbers.
Key takeaways:
- Business Email Compromise (BEC) attacks are on the rise, with the FBI noting a 17% increase in global exposed losses between 2021 and 2022. The real estate sector has been particularly targeted.
- These scams typically involve cyber criminals infiltrating the email account of someone involved in a real estate transaction and requesting changes in payment type or bank account details.
- Preventative measures against BEC attacks include implementing secure email solutions, regular staff cybersecurity training, and vigilance around monitoring of unexpected or suspicious behavior and requests.
- Organizations should also utilize multifactor authentication with biometrics and strong password management, and enforce a standard protocol for confirming wire transfers or sensitive data requests using a face-to-face method or phone calls to known numbers.