Email compromise, particularly Business Email Compromise (BEC), poses an increasingly serious threat to small and medium-sized businesses (SMBs).

With attackers employing sophisticated tactics like display-name spoofing, domain hijacking, and socially engineered scams, staying one step ahead is vital.

Here’s an updated guide for 2024 on how to incorporate the latest research and strategies to safeguard your business against these evolving threats.

1. Implement Strong Email Security Measures

Use Secure Email Solutions
Opt for email platforms that offer built-in security features. For example, Office 365 automatically flags and deletes suspicious emails, provides phishing protection, and detects suspicious forwarding.

Set Up Email Authentication Protocols
Implement SPF (Sender Policy Framework), DKIM (DomainKeys Identified Mail), and DMARC (Domain-based Message Authentication, Reporting & Conformance) to verify sender identities and reduce email spoofing risks.

Enable Multi-Factor Authentication (MFA)
Adding MFA to all email accounts introduces an additional security layer critical in safeguarding access even if passwords are compromised.

2. Educate and Train Employees

Conduct Regular Cybersecurity Awareness Training
Continuous employee education is essential. Train your team to recognize BEC red flags, such as unexpected urgent money transfer requests or solicitations for sensitive information.

Establish Verification Procedures
For any financial transactions or sensitive data requests, enforce a policy of secondary verification, such as a direct phone call, to confirm the request’s legitimacy.

3. Strengthen Overall Security Posture

Keep Systems Updated
Regular software updates are necessary to protect against vulnerabilities that attackers could exploit.

Use Advanced Email Filtering
Leverage AI and machine learning technologies to detect and block sophisticated phishing attempts in email security solutions.

4. Create Clear Policies and Procedures

Separate Business and Personal Email Use
Restrict the use of business emails for personal communications to minimize your attack surface.

Restrict Public Wi-Fi Access for Business Communications
Enforce policies that prohibit accessing business emails from unsecured public Wi-Fi networks to prevent unauthorized intercepts.

5. Establish Robust Incident Response Plans

Develop a Protocol for Reporting and Responding to BEC Attempts
Quick and effective responses to suspected BEC incidents can mitigate potential damages. Have a clear, accessible incident response plan that includes immediately isolating potentially compromised accounts and communication channels for reporting suspected fraud.

We Can Be Your Expert Partner in BEC Prevention
Partnering with Evron gives your business access to advanced security tools and expert guidance, enhancing your defence against BEC. Evron helps implement comprehensive email security solutions, continuous monitoring, and customized incident response strategies tailored to protect SMBs from sophisticated email threats.

By following these updated strategies and leveraging support from Evron, SMBs can significantly enhance their defences against BEC attackers’ sophisticated tactics. Regular reviews and updates of these security measures are essential as threats evolve.

For more insights on protecting your business from email threats and understanding how Evron can help, reach out for a consultation or risk assessment today.