Metro Atlanta business owners: Learn how to defend against rising Business Email Compromise (BEC) attacks. Custom Technologies, Inc. reveals expert strategies to secure your financial data and communications.
Business Email Compromise (BEC) is one of today’s most dangerous cyber threats—especially for businesses in Metro Atlanta. With the rise of advanced AI tools, cybercriminals have refined their tactics, making BEC scams more sophisticated and costly than ever. In 2023 alone, BEC scams resulted in $6.7 billion in global losses, and early 2024 data shows a 42% increase in incidents. For Metro Atlanta business owners, the stakes are high, and proactive protection is essential.
What Are Business Email Compromise (BEC) Attacks?
BEC attacks go far beyond typical phishing attempts. Cybercriminals exploit compromised or impersonated e-mail accounts to trick employees, partners, or clients into sharing sensitive information or authorizing fraudulent financial transactions. Unlike generic phishing, these scams rely on human trust, making them exceptionally convincing.
Why Are BEC Attacks So Dangerous?
BEC scams inflict damage in multiple ways:
- Severe Financial Losses: A single successful BEC attack can lead to unauthorized payments or stolen data—with average losses per attack exceeding $137,000.
- Operational Disruption: BEC incidents can halt business operations, triggering downtime, audits, and internal chaos.
- Reputational Damage: Explaining to clients that their sensitive data might have been compromised can erode trust.
- Loss of Trust: Employees and partners may lose confidence in your organization’s ability to protect critical information.
Common BEC Scams to Watch Out For
BEC scams come in various forms. Stay alert for:
- Fake Invoices: Cybercriminals impersonate vendors, sending realistic invoices that request immediate payment.
- CEO Fraud: Scammers pose as executives, pressuring employees to transfer funds under tight deadlines.
- Compromised E-mail Accounts: Hacked accounts are used to send fraudulent requests.
- Third-Party Vendor Impersonation: Trusted vendors are spoofed, making fraudulent payment requests appear routine.
How to Protect Your Business from BEC
Custom Technologies, Inc. recommends a multi-layered approach to safeguard your business:
- Train Your Team Like It’s Game Day
- Educate employees to identify phishing e-mails, especially those flagged as “urgent.”
- Require verbal confirmation for any financial requests to verify authenticity.
- Enforce Multifactor Authentication (MFA)
- Enable MFA on all critical accounts, particularly e-mail and financial platforms. This extra layer of security can prevent unauthorized access—even if passwords are compromised.
- Test Your Backups Regularly
- Ensure that your data backups are reliable by performing regular restore tests. A malfunctioning backup can cripple your response during an incident.
- Strengthen Your E-mail Security
- Utilize advanced e-mail filters to block malicious links and attachments.
- Audit user access and revoke permissions for former employees immediately.
- Verify Financial Transactions Rigorously
- Confirm any large or unusual payment requests via a separate communication channel, such as a phone call, before proceeding.
Next Steps for Metro Atlanta Security
Cybercriminals are evolving their methods, but you can stay one step ahead by training your team, securing your systems, and verifying every transaction. Custom Technologies, Inc. is dedicated to helping Metro Atlanta business owners turn their organization into a fortress against BEC attacks.
Want to ensure your business is fully protected? Start with a FREE Network Assessment from Custom Technologies, Inc. Our experts will uncover vulnerabilities and secure your systems—so you can focus on growing your business without fear.
Click here to schedule your FREE Network Assessment today!
Let’s stop BEC in its tracks—before it stops your business.
