Expert Opinion: Are you at risk of a Business Email Compromise attack?

Dave Taylor, Managing Director of IT support experts Amshire IT, explains the risks posed to businesses of Business Email Compromise attacks, and one easy way organisations can protect themselves from this kind of cybercrime.

Imagine the horror of this.

You’re at your desk, sending money to a supplier abroad. Perhaps you’re making a bank transfer.

You send the money… it leaves your business’s bank account… but never arrives at the supplier.

Because actually you didn’t pay it to the right bank account. A cyber-criminal cleverly persuaded you to change the bank details, perhaps by sending a fake invoice from an email account that looked like it was from your supplier but wasn’t.

This is called a man in the middle attack; also known as a BEC: Business Email Compromise.

If your business make bank transfers or has suppliers abroad you’re a prime target.

And it’s really important you take the threat seriously. Because it has the potential to cost your business dearly.

This type of cyber-crime costs large organizations almost $6 million annually.

One of the most powerful ways to avoid BEC attacks is to keep your people up-to-date on the red flags to look out for. Regular cyber security training will ensure your employees know how to decipher a genuine email from a fake, and what to do if they suspect they’ve been targeted.