Business email compromise, the modern scourge of commerce
Conclusion: Many organisations are finding themselves being defrauded, especially when making or receiving payments electronically. It is not that the end systems are compromised but rather the payment information itself is being subverted in between the payer and the payee.
This is hard to defeat via technical means as the messages themselves look the same as any other payment request or invoice. A quality email filtering service will remove many of the clumsy attempts thus allowing more focus on the well-constructed efforts.
This article aims to help improve understanding of the threat and identify effective strategies to lessen the possibility of a business being impacted. Security defence consists of more than just technology. A well-rounded defence is composed of people, process and technology. Defeating business email compromise (BEC) is primarily achieved by the people and process segments.
The staff of a business are in the best position to detect attempts to compromise a payment, provided they have been armed with some knowledge of the types of attacks and permission to halt and question the details.
Many fraud attempts can be prevented by implementing a simple business process that allows all staff to question transactions that change payment details and use secondary channels to confirm those details.
About The Advisor
Peter Sandilands is an IBRS advisor who specialises in cyber security, risk and compliance. Peter has over 40 years’ experience in the IT industry with the last 20 years focused on security. He has spoken at conferences and industry briefings across Asia Pacific. Peter was instrumental in the introduction of Check Point Software to Australia, leading the operation for five years. Prior to that Peter was a key strategist in the broadening of Novell’s market across Asia Pacific. Since then he has spent nearly 10 years working for large Australian companies in banking, mining and transport delivering security strategy, security architecture and compliance assessments. Peter has also assisted overseas security vendors enter the Australian market with a focus on the strategic use of the products. As a casual academic at UTS for over 20 years, Peter lectured in network security, Cloud security and networking technologies. With his experience across vendors, channel and business, Peter brings a pragmatic approach to implementing and assessing cyber security. Peter has a Master's of Cyber Security from Charles Sturt University.