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Business Email Compromise Attacks Exploded Last Year: Is Your Business Safe?

Cory Cranfill • May 20, 2024

Your Inbox Is a Battleground: BEC Attacks Soared 81% Last Year. Here's How to Defend Your Business

Email icon on phone screen

If you think email is just a harmless communication tool, think again. Your inbox has become a favored target for cybercriminals, and Business Email Compromise (BEC) is one of the most devastating scams out there. In 2022 alone, these attacks jumped a staggering 81% – and the truly scary part? Up to 98% of your employees might not even recognize the danger.


The Anatomy of a BEC Attack


BEC isn't your average spam email. These attacks are carefully planned and personalized:


  • Reconnaissance: Scammers meticulously research your company, identifying key staff, suppliers, and even your typical language and processes.
  • The Fake Executive (Or Partner): The email appears to come from your CEO, a trusted vendor, you name it – anyone who could authorize a payment.
  • The Sense of Urgency: The request is time-sensitive: a last-minute deal, an overdue invoice, anything to make you act without thinking.
  • The Payoff: If you fall for it, the money is wired away, often internationally, and vanishes in a flash.


The damage to your finances and reputation can be crippling.


Don't Be the Next Victim – Fight Back with These Tactics


BEC scams are a serious threat, but you're not helpless. Here's how to fortify your defenses:


Knowledge is Power: Train Your Team

Your employees are your first line of defense. Train them to spot red flags:

  • Odd email addresses (typos, unusual domains)
  • Urgent, out-of-the-blue payment requests
  • Pressure to bypass normal procedures
  • Requests for secrecy


Verify, Verify, Verify!

Establish a strict verification process for ALL payment requests, no matter how urgent they seem. This could involve:

  • Phone confirmation with a known number
  • Approval from multiple people
  • In-person verification for large sums


Tech to the Rescue

  • Email Authentication: Implement DMARC, SPF, and DKIM protocols to help filter out spoofed emails.
  • Anti-Phishing Software: Invest in tools that use AI to detect and block suspicious emails.


Be Proactive, Not Reactive

  • Regular Financial Review: Schedule dedicated time to scrutinize transactions for anything out of the ordinary.
  • Have a Response Plan: If an attack happens, know exactly who to contact, how to freeze funds, and when to involve law enforcement.


The Bottom Line: BEC is a Clear and Present Danger


Cybersecurity isn't just about firewalls and antivirus anymore. It's about empowering your people and using the right tools to outsmart criminals who target human error.


Need a Cybersecurity Partner?


Don't let your business be another statistic. Contact us today for a comprehensive security assessment and tailored solutions to protect your inbox and your bottom line.

HCS Technical Services

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