Protect Your Company from Business Email Compromise (BEC) Scams and Social Engineering Fraud

In today’s technology-dependent world, email and wire transfers are an intrinsic part of doing business. The good news is that you can quickly talk to anyone from across the globe with a few clicks on the keyboard. Better yet, you can conduct business transactions that earlier took days, in just a matter of minutes. The bad news? Without the right protocols and protection in place, cybercriminals

can take advantage of the same technology and steal vital information from your company, causing irreparable damage.

How Cybercriminals Get Away

Recently, a few Fortune 500 companies were the target of an email scam. It is unnerving to see how they successfully carried it out. How does an email scam that is generated from anywhere in the world work so successfully? You might be surprised to learn that business email compromise is relatively easy to accomplish.

Here are some basics of the process:

• Manipulation with stolen credentials: These scammers take company email addresses and manipulate the systems to gain access to the right departments with the required information for their plans.
• Obtaining ‘legitimate’ accounts: Once an account is acquired or faked, the criminal can create messages that utilize social engineering fraud to request information from the victim. The tone is conversational, and the victim is swayed into providing vital bank particulars under the guise of “updating” information for a vendor or business partner.
• Knowledge about how to bypass spam filters: Attackers are able to bypass spam filters and traditional cybersecurity tools. They can even filter out messages and monitor inboxes.
• Cybercrime is simple: Cybercriminals primarily use phishing and social engineering techniques. These types of attacks are enticing because they are simple to execute and need little to no technical knowledge or special tools.

Prevent BEC Scams with Security Tools and Social Engineering Fraud Protection

Just as cybercriminals hone their craft, it is vital that you implement steps to protect your company from them. Here are a few precautions to consider:

• Increase security: Auto-forward blocks can prevent an attacker from forwarding any messages to an alternate email account.
• Create banner alerts: This will help employees judge if an email may be spoofed and identify a scam at once.
• Ensure protection: A cyber liability insurance policy can help you recover if you do face an attack.

Protect Your Establishment with the Right Insurance Policy

Reduce your chances of a virtual attack when you understand how the process works and what steps you can take to mitigate any loss. Each business has different needs. At The Nowell Agency, our experienced, licensed brokers can discuss the different types of policies available to keep your data safe and secure. From hacksurance and theft to forensic investigation and interruption to business, we can tailor a policy for your company.

Request an insurance quote online or call one of our offices near you to schedule a meeting with a knowledgeable and experienced broker at The Nowell Agency. We’ll be happy to shed more light on social engineering fraud.