Don’t Let Business Email Compromise Cripple Your Business

Most businesses rely heavily on email communication, so the threat of business email compromise (BEC) is very real to small business leaders. BEC attacks involve fraudulent emails targeting employees. Put the right strategies in place to fortify your defenses.

• • Use a Secure Email Solution: Your company needs advanced threat detection capabilities, encryption and built-in spam filters to help identify and block malicious emails before they reach employees’ inboxes.
    
    
  • Set up Multifactor Authentication (MFA): Implement MFA across all email accounts for an extra layer of security beyond passwords. Requiring users to provide additional verification, such as a fingerprint scan or one-time code sent to a mobile device, helps prevent unauthorized access to email accounts, even if login credentials are compromised.
    
    
  • Train Employees to Spot Warning Signs: Educate employees about the common tactics used in BEC attacks, including phishing emails, social engineering and impersonation scams. Provide regular training sessions to help employees recognize warning signs, verify the authenticity of email requests and report suspicious activity.
    
    
  • Set Security Defaults: Reduce the risk of accidental data exposure and unauthorized access to email accounts. Configure email security settings to enforce strong password policies, encrypt sensitive information and block external email forwarding or auto-reply to rules.
    
    
  • Establish Clear Approval Processes: Implement a clear approval process for any requests involving financial transactions, changes to sensitive information, or requests for confidential data.
    
    
  • Maintain Regular Backups: Regularly back up critical data, including emails, documents and other sensitive information, to ensure you can recover quickly in the event of a successful BEC attack or data breach. Store backups securely, preferably in an off-site location, and test restoration procedures periodically to ensure their effectiveness.
    
    
  • Stay Informed About Emerging Threats: Keep abreast of the latest trends and developments in BEC attacks and emerging cybersecurity threat. Look for industry eNewsletters you can subscribe to, take advantage of programs your chamber or bank offers, or engage a cybersecurity firm.

Protecting your business against BEC requires a proactive and multi-layered approach, with ongoing vigilance and adaptation to emerging threats.

Heritage Bank. Member FDIC.