Business Email Compromise (BEC) and Ransomware are two different types of cyber threats that give huge impact and consequences to a business.  According to Internet Crime Report 2022 produced by FBI Internet Crime Complaint Center (IC3), there were 19,954 BEC complaints to IC3 with adjusted losses at nearly US$2.4 billion. In 2021, the IC3 received 3,729 complaints identified as ransomware with adjusted losses of more than $49.2 million. 

Business Email Compromise (BEC) or Email Account Compromise (EAC) are an email-based scam that uses email to trick employees into sending money to the attacker, which is a bad action. BEC is a form of cybercrime because it does not require a high level of technical expertise, such as hacking a system, but it still ranks among the most harmful and expensive scams that cost their victims money every year.

Ransomware is a form of malicious software that encrypts data on a computer, so trying to render it will be useless. The data is in the hands of an evil cybercriminal, captive until the ransom is paid. If the ransom is not paid, the victim’s data remains unavailable. Cyber criminals may also pressure victims to pay the ransom by threatening to destroy the victim’s data or to release it to the public. 

It can be difficult to compare the seriousness of cyberthreats like Business Email Compromise (BEC) and Ransomware because they each have unique traits and effects. However, these two notorious cyber threats stood out, here’s a breakdown of the impact of each threat to find which one is the worst.

Conclusion

In conclusion, organisations are at serious risk from both business email compromise (BEC) and ransomware attacks, which can disrupt operations and result in losses. While ransomware attacks target technical vulnerabilities to encrypt data and demand ransom payments, BEC attacks primarily target human vulnerabilities through social engineering. Therefore, preventive measures need to be taken to limit the risks associated with these types of attacks.

To prevent BEC/EAC attacks, the company should focus on:

• Employee education and training

Educate staff members regularly about the danger of Business Email Compromise (BEC) or Email Account Compromise (EAC) attacks, phishing tricks, and how to recognise malicious emails. Training should emphasise the importance of using alternative communication channels beside email to confirm requests for private information or financial transactions.

• Multi-Factor Authentication (MFA)

For all accounts, especially those with access to confidential information or financial systems, implement MFA (Multi-Factor Authentication). By requesting additional authentication factors from users in addition to a password, MFA adds an extra layer of security.

• Email Filtering and Protection

Set up reliable and proven email filtering solutions that identify and stop phishing attempts, malicious attachments, and suspicious emails. 

• Strong Password Policies

Implement strong password policies, such as the use of long, complex passwords that are updated frequently. Encourage against using the same password for various accounts.

• Vendor and Supply Chain Verification

Establish protocols, such as independently cross-checking contact information, to validate vendor or supplier requests for changes to payment details. Implement a safe and consistent process for checking and updating vendor data.

Read more: Supply chain attack and examples

To prevent ransomware attacks, organisations should focus on:

• Regular Software Updates and Patch Management

The most recent security patches should be applied to all software and systems. Attackers may use vulnerabilities in outdated software to gain unauthorised access.

Learn more: Cloud Patch Management

• Backup and Recovery Practices

Maintain regular backups of your important data and store them offline or in other safe places. To ensure that backups are reliable and easy to access in the event of an attack, test the restoration procedure.

• Employee Awareness and Training

Educate employees about ransomware risks, safe browsing habits, and the importance of avoiding suspicious websites, links, or attachments. Also encourage reporting of any suspicious activity or incidents promptly.

• Endpoint Security Solutions

Set up comprehensive endpoint security solutions, including firewalls, antivirus, and anti-malware tools. Update and monitor these security solutions to detect and mitigate potential threats. 

Read more: EDR vs Antivirus

• Incident Response Planning

Create and test an incident response strategy to guarantee an efficient response in the event of a ransomware attack. This includes taking action to isolate infected systems, alerting pertinent parties, and interacting with law enforcement and cybersecurity experts.

If you’re looking for a Security-as-a-Service solution to protect your operating systems and third-party applications such as Microsoft Office and Adobe, ArmourZero has partnered with Automox to offer just that. What sets ArmourZero apart from resellers or distributors is that you won’t just receive a security licence, but also a 24/7 SOC to monitor and alert you of any potential threats.

With this service, you can rest assured that you’ll be protected against known vulnerabilities by controlling authorised/unauthorised applications, ensuring continuous patches, and always having up-to-date versions released by the application vendor. If you’re interested, check out our price list for ArmourZero’s Patch Management as a Service and schedule your demo.