Security alert: Attacks on business email accounts are surging
Mark Cronin
MSP Business Owner & Entrepreneur | Cyber Security Expert | ICT Design Consultant to the Construction Industry
Email is a vital tool for businesses, but as the saying goes, "with great power comes great responsibility." As a business owner, it’s crucial to ensure your emails are secure to protect sensitive data from falling into the wrong hands.
One of the most pressing email threats today is Business Email Compromise (BEC), a type of scam that can result in significant financial and data loss. BEC attacks involve cybercriminals posing as senior figures within a company—such as CEOs, executives, or IT staff—to trick employees into sharing sensitive information or making financial transfers. Research shows that nearly 90% of BEC attacks rely on this impersonation strategy, making it easy for employees to fall victim, especially when the sender appears trustworthy.
This year has seen a dramatic rise in BEC attacks, particularly in the third quarter. Analysis of 1.8 billion emails worldwide revealed 208 million malicious emails, with 58% being BEC attempts. These numbers underscore that BEC scams have become the most significant email threat to businesses. Many of these attacks target lower-level employees who may lack cyber awareness or feel less confident questioning authority.
Although BEC is a growing concern, scammers also continue to use methods like phishing and spam to extract sensitive information, such as login credentials. The combined impact of these scams now surpasses traditional ransomware and malware attacks.
Fortunately, protecting your business doesn’t have to be complicated or expensive. Educating employees to pause and critically evaluate every email they receive is one of the most effective defences. They should be particularly cautious about emails requesting sensitive information or financial transactions and verify such requests with a trusted source before taking action.
With the right precautions, you can significantly reduce your risk of falling victim to these threats. If you need assistance securing your business, we’re here to help—get in touch today.