Introduction:
Two decades ago, business email compromise (BEC) emerged as a significant threat to business security. Fast forward to today, despite technological advancements and improved cybersecurity measures, BEC continues to pose a substantial risk. However, the good news is that there are solutions available that not only protect organizations from malicious emails but also prevent them from reaching employees' inboxes. In this blog post, we'll explore the nature of BEC attacks, the reasons behind their persistent prevalence, and the importance of proactive measures and layered security.
Understanding the Threat:
BEC is a form of phishing where criminals deceive employees into clicking malicious links or transferring funds under the guise of fake invoices. The versatility of BEC attacks makes them highly dangerous, with perpetrators impersonating brands or using compromised email addresses of senior staff members to gain the target's trust. Various methods, such as link manipulation, clone phishing, text-in-picture, whaling, spear phishing, and social engineering, further amplify the threat. The scale of BEC incidents highlights the ease with which employees can unknowingly fall victim to these attacks.
Contributing Factors to BEC Persistence:
Deryck Mitchelson, Chief Information Security Officer at Check Point, expresses astonishment that BEC remains the number one threat in 2023. He attributes this continued prevalence to several factors. First, many organizations have transitioned from on-premises solutions to cloud service providers, leading to confusion about the level of protection they have. While these providers offer additional security and compliance tiers, organizations must implement their checks and balances to ensure comprehensive security. Mitchelson advises firms to engage with third-party providers, such as Check Point, to ensure effective protection against BEC threats.
The second reason BEC attacks persist is their simplicity and affordability. Criminals can execute these attacks at minimal cost, often using readily available tools and templates that imitate legitimate websites like Salesforce or Microsoft 365. The potential for high returns on investment makes these attacks attractive to perpetrators. All it takes is one employee to make a mistake and transfer significant sums of money. Mitchelson emphasizes the urgent need for organizations to address these vulnerabilities and highlights the role of technological advances in exacerbating the situation.
Rethinking Security Strategies:
Mitchelson identifies a sense of complacency within organizations' cybersecurity initiatives as a hindrance to mitigating BEC risks effectively. Simply implementing tools without measuring their effectiveness and assuming complete protection can leave companies exposed to threats. Greater transparency in security metrics is crucial, allowing security teams to evaluate the number of phishing emails received, the effectiveness of defense mechanisms, the frequency of clicked links, and the prevalence of credentials entered on fake pages. Armed with these insights, security teams can make informed decisions and invest in targeted solutions to prevent phishing emails from reaching employees' inboxes.
Shifting from Reactive to Proactive Security:
Rather than dwelling on past oversights, organizations should adopt a proactive security approach to tackle BEC threats. Instead of relying solely on employees to identify fake emails, a hybrid approach combining user awareness with advanced technological solutions is recommended. Mitchelson advocates for the use of guardrails that detect and stop advanced attacks, allowing employees to focus on more strategic tasks. Check Point's solution provides comprehensive protection by embedding an inline security layer directly into services like Microsoft 365 and Gmail, complementing existing anti-phishing services.
The Power of Layered Security:
To maximize protection against BEC attacks, layering security measures is crucial. Similar to how we secure our homes with multiple locks and alarms, organizations must adopt a multi-faceted security approach. Check Point's approach stands out by leveraging its patented inline solution, which integrates seamlessly with popular collaboration tools, such as OneDrive and Microsoft Teams, providing comprehensive.
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