Leadership Summary

Business Email Compromise (BEC) is a sophisticated, costly phishing attack that targets employees, 3rd-party contractors, and organizations, often causing millions in losses. Identifying a few “red flags” like a sudden sense of urgency, abnormal financial requests, or inconsistent grammar can help you recognize BEC attempts before they impact your organization.

Top Ways to Protect Against BEC

Strong cybersecurity habits—like multi-factor authentication, continuous vulnerability management, and anti-phishing and account takeover protection for your email system and cloud platforms—are essential in keeping both employees and the entire organization safe from BEC. Each one of these practices can help safeguard your people and prevent critical financial and reputational harm.

Cybercriminals have long exploited our reliance on email for business, and of all cyberattacks, Business Email Compromise stands out as one of the most financially devastating. According to the FBI’s Internet Crime Report, over 21,000 incidents of BEC occurred in 2023, accounting for nearly $3 billion in losses—a figure that only continues to climb. This tactic is particularly damaging because it exploits natural trust and helpfulness, making detection difficult and fund recovery challenging.

BEC attacks are on the rise and becoming more sophisticated, so knowing the signs can help you avoid a costly mistake. Let’s break down how it works, common red flags, and protective measures your organization can adopt.

How BEC Works

BEC attacks are advanced phishing scams where attackers impersonate known senders, leveraging trusted relationships to make their requests appear legitimate. Techniques may include monitoring email activity, impersonating executives, or deploying malware. Often, these attacks involve urgent requests for payments through wire transfers, gift cards, or cryptocurrency, the latter providing an extra layer of anonymity for the attacker.

Key BEC Red Flags to Watch For

Although BEC emails are crafted to appear genuine, here are a few signs that should prompt a second look before taking action:

1. Urgent language, especially in a crisis.
2. Confidentiality demands.
3. Odd timing (e.g., emails at the end of the day).
4. Changes in sender addresses or unusual payment requests.
5. Poor grammar, strange tone, or format inconsistencies.
6. Refusal to communicate outside of email.
7. New or personal account payment requests.

BEC Prevention: Best Practices for Business Leaders

Below are best practices for avoiding BEC attacks and securing your organization. These are in line with guidance from the Cybersecurity & Infrastructure Security Agency:

1. Follow Established Procedures: Maintain consistent processes for approving funds and verifying sender information by calling numbers on file, not those in suspicious emails.
2. Monitor Payment Methods: Add extra verification for large transactions and encourage secure electronic transfers.
3. Exercise Caution in Communication: Don’t open spam emails, establish company domains for email, and always verify unfamiliar or urgent requests through trusted channels, like in-person conversations, phone calls, or virtual meetings.
4. Report Phishing Attempts: Use digital signatures or authenticated portals, verify changes in business practices, and always report suspicious emails to your IT security team.
5. Strengthen Cybersecurity Measures: Use strong, unique passwords and multi-factor authentication across all company accounts.
6. Respond Quickly: Report incidents immediately to mitigate potential harm.

Staying Vigilant

Cybercrime is constantly evolving, making it essential to stay proactive with cybersecurity defenses. A cybersecurity culture combined with strong preventative measures empowers leaders to protect their organization’s most valuable assets. Connect with us for more guidance on building a resilient cybersecurity foundation that aligns with your organization’s long-term strategy.