There has been a big rise in Business Email Compromise (BEC) attacks – and most victims work at organisations which weren’t using multi-factor authentication (MFA) to secure their accounts.
BEC attacks are one of the most lucrative forms of cyber crime: according to the FBI, the combined total lost is over $43 billion and counting, with attacks reported in at least 177 countries.
These attacks are relatively simple for cyber criminals to carry out – all they need is access to an email account and some patience as they try to trick victims into making financial transfers under false presences. This commonly involves sending messages to employees, purportedly from their boss or a colleague, that suggest a payment — often very large — must be made quickly in order to secure an important business deal.
More advanced BEC attacks hack into a company account and use a legitimate email address to make the payment request.
It’s even been known for scammers to monitor inboxes for long periods of time, only choosing to strike when a real business transaction is about to be made — at which point they cut in and direct the payment to their own account.
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With money to be made in this way, cyber criminals are increasingly turning towards BEC campaigns and businesses are falling victim. According to cybersecurity analysts at Arctic Wolf, the number of BEC attacks to which they have responded doubled between January-March and April-June – and these attacks accounted for over a third of all incidents investigated.
There was a common theme among many of the victims: according to incident responders, 80% of the organisations which fell victim to BEC attacks didn’t have MFA in place.
Multi-factor authentication provides an extra layer of security for email accounts and cloud application suites, requiring the user to verify that it really was them who logged into the account, helping to protect against unauthorised intrusions — even if the attacker has the correct username and password.
Organisations that ignore MFA are leaving themselves open to BEC campaigns and other cyber attacks – despite repeated recommendations from cybersecurity agencies that it should be applied. So why aren’t they using it?
“MFA requires careful planning and coordination to implement successfully, ensuring that organizations can continue to operate without disruption. Because users require training in how to use the MFA system, this may be difficult for some organisations,” Adrian Korn, manager of threat intelligence research at Arctic Wolf Labs, told ZDNET.
“In addition, configuring and testing a new MFA deployment across an organisation can place a heavy burden on already strained IT departments,” he added.
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Despite these potential restraints, applying MFA to all user accounts is one of the most significant things organisations can do to help protect their employees and their network from cyber attacks – if they’re set up correctly.
“Organisations should plan their MFA deployments out well in advance to account for technical hiccups they may encounter. In addition, organisations should take time to ensure that MFA configurations are tested ahead of prime time and that users are well-trained on how to use the new MFA platform of choice,” said Korn.
But while MFA does help to prevent cyber attacks, it isn’t infallible and determined cyber criminals are finding ways to bypass it.
With BEC attacks using social engineering to trick people into thinking they’re doing right thing, it’s also important for organisations to train their employees to detect when a request — even if it comes from a legitimate account — could be suspicious.
“Users should be trained to recognise suspicious financial requests. If something feels off, users should heed that instinct and inquire further. Urgent financial requests should be validated through additional means before finalising major transactions,” said Korn.
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