Security alert: Attacks on business email accounts are surging

Email has become an essential tool for any workplace, but as the saying goes, “with great power comes great responsibility”.

If you are a business owner, it’s your responsibility to make sure your emails are secure. It’s one of the key ways to stop your business data falling into the wrong hands. If you are the employee, you need to be as aware as possible.

Business Email Compromise (or BEC) is a growing threat. And if you become a target, it could cost you or the business you work for – big time.

So, what exactly is a BEC attack?

In simple terms, it’s where scammers pose as people high up in the business, like CEOs, executives, and IT staff. The goal is to trick employees into sharing sensitive information or sending money. Research shows that nearly 90% of BEC attacks are set up this way.

It’s easy to see how someone might quickly respond without a second thought, especially when they trust the sender.

BEC attacks have spiked dramatically this year, especially over the third quarter. Researchers have analysed 1.8 billion emails worldwide, discovering a shocking 208 million malicious emails among them. And of these malicious emails, more than half (58%) were BEC attempts.

The figures make it clear: BEC scams are now the biggest email threat to businesses.

Another thing worth noting? Most BEC scams target employees lower in the business, who might be less likely to question authority or be less aware of cyber threats.

Although BEC attacks are common, it’s also important to remember that scammers still use other methods too. This includes commercial spam and phishing attacks, which are designed to trick people into sharing personal information, like login details.

In fact, the combined effect of these types of scams now overshadows traditional ransomware and malware attacks.

Luckily, it isn’t complicated or expensive to protect the business.

Simply make sure that all members of the team are trained to think twice about every email they receive.

If an email asks for sensitive information or a financial transaction – especially if it feels urgent – your employees/colleagues should know to stop and check with someone before they action anything.

If you need help making sure your business is secure, get in touch