Managed IT services providers in Birmingham contend with many diverse threats to their clients. Your business, be it large or small, is a target for cybercriminals of many varieties. New scams develop all the time, and one of the most pernicious affecting businesses regularly conducting wire transfers is BEC, or Business Email Compromise.
Essentially, this scam spoofs high-level emails that have some pertinence to a business's internal finance operations. The hackers take this information and use it to move money from inside the company such that they have access to it. Hundreds of thousands in losses are regularly experienced from these scams.
Familiarizing Yourself with Existing BEC Scams
There are a multitude of different scams out there, and BEC hacking has its own iterations. These will shift with time, and there are definitely aspects of such phishing scams as yet unknown in the market.
Staying ahead of them will require having access to cutting-edge security providers who make it their prerogative to implement preventative security as soon as new threats are identified. Presently, there are five primary BEC scams to watch out for:
Compromise of accounts
Outright data theft
Managed IT services providers in Birmingham often see bogus invoice BEC issues. Basically, if you've got a foreign supplier, attackers act like that supplier and request various payments or fund transfer. This can get especially confusing when you're managing multiple foreign suppliers.
When this happens, fraudsters will pretend they're either an executive, CEO, or other high-profile management individual who has access to financial information or authority to request funds transfer. Basically, under the CEO or other manager's name, criminals have lower employees transfer money to exterior accounts.
Compromise of Accounts
Sometimes, the email of either personnel or managing personnel becomes compromised. The hacked account is subsequently used to ask for money wherever they can. This can involve internal funds transfer, defrauding clients, vendors, or whoever else the hacker deems a profitable "mark".
Some cybercriminals are savvy enough to impersonate a legal firm associated with your business. They'll get you to send confidential information that is used to hack other areas of operation elsewhere.
Outright Data Theft
Outright data theft is when internal employees--most likely in either HR or bookkeeping--are targeted by hackers. Personally identifiable information (PII) pertaining to individuals, businesses, clients, tax considerations, managers, and others is stolen and used for future compromise.
A managed IT services provider in Birmingham like ION247 can help protect your business from these and other BEC scams threatening honest business everywhere today. Contact us now to secure your business.