BOOK AN APPOINTMENT WITH AN IT SPECIALIST TODAY

Hackers Access CEO Email to Steal Company Money

BEC Scam Helps Hackers Steal Over $46M from Company

How fast could your company lose $46M? BEC Scams do it in minutes. Find out how criminals hack CEO emails to earn themselves a huge payday at your expense.  

Business Email Compromise

Sometimes criminals hide in the shadows and sometimes they hide behind technology, waiting, ready to strike at the most vulnerable. You know this, so you’ve invested in employee education. Employees are aware of common cybersecurity threats and email scams. But the BEC scam turns everything on its head.

It does so by hijacking the CEO’s most important business communication tool, email.

What Is a BEC Scam?

A cybersecurity-aware employee would always check to see where an email is coming from if that email asks them to do something like send millions to a strange account. But what if that email looks like it comes from you?

A Business Email Compromise (BEC) scam is conducted via your CEO’s own business email account. The hackers monitor your email for days or months undetected before sending an email from you to one or more of your employees, asking them to do something like:

  • Wire money from the company accounts
  • Share their login to company programs

If an employee got an email from you, would they question it? In a modern workplace, you’ve built a team around you who would ask “why”. But what if the person receiving the email is not in your trusted circle?

Scammers often target those who report to them, and don’t know you as well, instead.

Hackers take it a step further. They use automation tools found on your email account to instantly identify and delete any emails questioning your instructions or warning you that you’ve been hacked.

Real World BEC Attacks

This attack isn’t uncommon and the results are costly. Here are just a few medium-sized businesses that paid the price.

  • Xoom Corporation – BEC scammers emailed an employee from the CEO’s account and convinced them to wire $30M to a business overseas under the disguise of a business deal
  • Scoular Corporation – Employees wired an undisclosed amount to China for a fake acquisition deal. The email said, “We need the company to be funded properly and to show sufficient strength to the Chinese… I will not forget your professionalism in this deal, and I will show you my appreciation very shortly.”
  • Ubiquiti Networks – This San Jose company’s employee wired $46M at the “CEO’s” instruction. They were only able to recover $8M.

How to Protect Your Company from BEC Cybersecurity Threats

First of all, know that the CEO may not be the only target. It could be the CFO, CMO or even middle management.

They often attack companies using Office 365, which is relatively easy to breach if extra precautions aren’t taken. They gain access to your email via simple tricks like getting you to share your password on a spoofed 365 website.

Deploy education and technology to both prevent someone hacking a CEO email and to quickly identify when you or someone in the company has been compromised. This might include:

  • Powerful spam filters
  • Monitoring software
  • Malware protection and firewall
  • Security awareness training
  • Other customized solutions to maximize security

Above all, stay informed. Follow our blog to learn more about keeping your company safe from very real and sneaky cybersecurity threats like these.

More Like This

How Microsoft Dataverse Helps Your Organization Store and Manage App Data Securely

How Microsoft Dataverse Helps Your Organization Store and Manage App Data Securely Microsoft Dataverse is a software as a service (SaaS) solution capable of resolving wide-ranging data management and businesses’ storage issues. As an ever-increasing number of organizations generate a large amount of data, there is a need to manage it securely and efficiently. Thus, …

How Microsoft Dataverse Helps Your Organization Store and Manage App Data Securely Read More »

Read More

AA21-055A: Exploitation of Accellion File Transfer Appliance

Original release date: February 24, 2021 Summary This joint advisory is the result of a collaborative effort by the cybersecurity authorities of Australia,[1] New Zealand,[2] Singapore,[3] the United Kingdom,[4] and the United States.[5][6] These authorities are aware of cyber actors exploiting vulnerabilities in Accellion File Transfer Appliance (FTA).[7] This activity has impacted organizations globally, including …

AA21-055A: Exploitation of Accellion File Transfer Appliance Read More »

Read More

AA21-048A: AppleJeus: Analysis of North Korea’s Cryptocurrency Malware

Original release date: February 17, 2021 Summary This Advisory uses the MITRE Adversarial Tactics, Techniques, and Common Knowledge (ATT&CK®) framework. See the ATT&CK for Enterprise for all referenced threat actor tactics and techniques. This joint advisory is the result of analytic efforts among the Federal Bureau of Investigation (FBI), the Cybersecurity and Infrastructure Security Agency …

AA21-048A: AppleJeus: Analysis of North Korea’s Cryptocurrency Malware Read More »

Read More

How IT Consulting Companies Can Help Overcome Technology Challenges

How IT Consulting Companies Can Help Overcome Technology Challenges Information technology helps businesses of varying sizes to enhance operations and thrive. To maximize the benefits of technology, businesses often enlist the help of established IT consulting companies. With the assistance of highly skilled consultants, organizations empower themselves with the right tools to bolster innovation and overcome …

How IT Consulting Companies Can Help Overcome Technology Challenges Read More »

Read More

AA21-042A: Compromise of U.S. Water Treatment Facility

Original release date: February 11, 2021 Summary On February 5, 2021, unidentified cyber actors obtained unauthorized access to the supervisory control and data acquisition (SCADA) system at a U.S. drinking water treatment plant. The unidentified actors used the SCADA system’s software to increase the amount of sodium hydroxide, also known as lye, a caustic chemical, …

AA21-042A: Compromise of U.S. Water Treatment Facility Read More »

Read More

Pros and Cons Of Outsourcing Your IT Support To A Managed Services Provider

Pros and Cons Of Outsourcing Your IT Support To A Managed Services Provider Paper or plastic? Cash or charge? MSP or in-house IT? There are many choices that you need to make on a daily basis, some personal and some related to keeping your business running. However, the last question can have a serious impact …

Pros and Cons Of Outsourcing Your IT Support To A Managed Services Provider Read More »

Read More