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.