BEC Attacks Account for Losses 64 Times Worse Than Ransomware (2024)

What is Business Email Compromise (“BEC”)?

BECcreatesdifferent types of attackssuch as CEO fraud or impersonation to a third party. All these have in common the compromise of an email account or email accounts in your email domain, which is thenleveragedto stealmoney through fraudulent transfer ofinvoices, dissemination of malware, or theft of confidential data. As the email address is legitimate, these attacks have a high rate of success for the threat actors and often fool colleagues and partners alike.In one of our cases, the threat actor passed several payment notes to the victim’sbanks andstole more than $10Movera month and a half.

Business Email Compromise – How LIFARS Helps

LIFARS can assist your business in capturing the important artifacts and data such as fraudulent emails and documents, security and activity logs, and any other information of relevance to the case. Based on that information and using techniques recognized as forensically sound by courts and agencies, LIFARS will:

Determine the “what”, “when”, “where”, “who” and “how” of the attacks,provide all the context you need to react and respond to the incident.

• If required,draft affidavits and documents for use in court orrelevant agencies andbe available forexpert witnesstestimony.
• Keep you informed of the new developments and findings, and will assist you in making the right decisions to prevent further harm.
• Provide a report and recommendations to ensure consistent cyber hygiene against these attacks.

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