Cybersecurity Insights: Organizational Exposure to Business Email Compromise and AI

Carol Scully| July 1st, 2024

Risk Management, Cybersecurity

In today’s digital world, the growing impact of cyber attacks have become an ever-pressing concern for businesses of all sizes and across industries. While ransom events tend to capture the brunt of media attention, Business Email Compromise (BEC)—a type of cyber attack where hackers gain access to a business email account and trick employees into sharing sensitive information or transferring funds—is actually among one of the most prevalent and damaging. Amassing billions of dollars in losses per year, BEC scams and the increased use of advanced technologies such as artificial intelligence (AI) in these scams underscore the critical need for robust cybersecurity measures.

So, what can you do to ensure that your business is protected? See below for some cybersecurity best practices to get your started.

Know where your data resides. Many organizations do not know where to start when it comes to mapping their system data and may need to partner with outside support to navigate this evaluation. A great first step in any cybersecurity plan is a fundamental understanding of the data you own or house within your system infrastructure, and the risks that poses to your business.
Develop a robust security framework that defines conditional access for key employees. Challenge your systems with thorough penetration testing at least annually. Fully deploy multi-factor authentication across your enterprise and continuously monitor critical systems.
Define and use an “expressed” ACH directive on all transactions. These should be used on all communications and establish your expectations for vendors, customers, and your team to further provide a defensible position should third parties incur a BEC.
Educate. Educate. Educate. Develop and implement ongoing employee training and education. Front-line workers are often the first line of defense for an organization. Ensure that your employees implement good cybersecurity hygiene and can recognize common scam tactics.

It’s important to remember that hackers do not care how big or small your organization is. They focus on who they can penetrate, exploit, and leverage to get your money. MJ can help evaluate your organizational cybersecurity and provide custom solutions suited to your needs. Interested in a cyber risk assessment or consultative support on any of the best practices mentioned above? Contact us to get started today and watch our on-demand webinar on what you need to know when it comes to Business Email Compromise.

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