Business Email Compromise (BEC) is a type of cyber attack that is specifically designed to target businesses and organizations. The main goal of these attacks is to gain access to sensitive information such as financial data and login credentials. BEC attacks are typically carried out by hackers who use social engineering techniques such as phishing, pretexting, and whaling to trick employees into providing sensitive information.
One of the most common methods of BEC attacks is phishing, which is the process of sending fake emails that appear to be from a legitimate source in order to trick employees into providing sensitive information. These emails may contain links to malicious websites or attachments that, when clicked, install malware on the victim's computer. Once the malware is installed, the hackers can gain access to sensitive information and use it to commit financial fraud.
Another common method of BEC attacks is pretexting, which is the process of creating a fake identity or scenario in order to trick employees into providing sensitive information. For example, a hacker may pose as a CEO or CFO of a company in order to trick an employee into transferring money to a fraudulent account. Whaling is another form of BEC attack, specifically targeting high-level executives and managers.
To prevent BEC attacks, organizations should implement security measures such as email filtering, employee training on how to spot phishing attempts, and implementing two-factor authentication for sensitive information. Additionally, employees should be advised to be cautious when receiving unexpected emails and to verify the authenticity of the sender and the content of the email before providing any sensitive information.