Manipulative emails posing as legitimate communication and targeted attacks known as spear phishing are pervasive in Business Email Compromise (BEC) scenarios, according to a recent report.
In the digital age, businesses are increasingly relying on cloud-based applications for their operations. However, a recent report by GreatHorn, a cybersecurity company, reveals that this shift has not been enough to protect organizations from the threat of Business Email Compromise (BEC) attacks.
The report, conducted in partnership with Cybersecurity Insiders, highlights the need for multi-factor authentication to prevent unauthorized email access. Kevin O'Brien, co-founder and CEO of GreatHorn, emphasizes that despite the switch to cloud-based business applications, threats are still not being caught by spam filters and built-in security systems.
The study reveals that 71% of organizations have experienced a spoofed email account over the past year. Moreover, 65% of IT security professionals report their companies have experienced spear phishing attacks in 2021. These attacks often spoof identities, such as company names, victim names, or supervisor names at work.
Threat actors use social engineering methods within email messages, often combined with a URL that leads to a phishing kit. Of the malicious links found in phishing emails, 57% are designed to steal credentials, often targeting C-suite executives or finance department employees. When malware is deployed, it can take the form of direct ransomware that locks a machine, propagates through a network, or installs a backdoor.
The move to remote work since March 2020 has exacerbated the trend of email-based attacks. Workers are no longer protected by corporate firewalls and face additional distractions, making them more susceptible to these attacks.
Alternative authentication methods like keystroke biometrics may be a consideration for companies. O'Brien also notes that malware can be used as a vector for gaining access to credentials, such as a keystroke logger.
Microsoft's Nobelium threat actor launched a supply chain attack in late May, targeting government agencies and NGOs with phishing emails. This incident underscores the urgency for organizations to strengthen their email security measures.
The report further states that 39% of respondents experience spear phishing on a weekly basis, and 22% of these malicious emails include links to websites containing malicious payloads, including ransomware.
Threat actors' end goals in BEC attacks are usually to either make users pay money into their accounts or gain access to sensitive data or computer systems. As businesses continue to rely on digital platforms, it is crucial for them to prioritize email security to protect their assets and maintain business continuity.
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