Combating Business Email Compromise in 2017

This year the enterprise faces multiple cyber security threats that sit under a single umbrella: business email compromise (BEC). Sometimes referred to as imposter email scams or “CEO fraud”, these threats leverage email spoofing, highly-targeted spear phishing and social engineering to target employees—with devastating efficacy. Businesses globally have lost billions of pounds to these attacks, and this is now a board-level concern.

Where conventional phishing is a numbers game – many hundreds of lines cast in the expectation that a few victims will bite on the bait – spear phishing instead identifies a limited number of would-be targets. Cyber criminals develop a sophisticated and personalised understanding of would-be victims by trawling their digital footprint. Little wonder, therefore, that a recent survey [1] found that one in three recipients open phishing messages and 12 per cent click one the attachment. According to the SANS Institute 95 per cent of all attacks on enterprise networks are the result of successful spear phishing.

Business email compromise also comes in the shape of ransomware attacks. An established means of extorting money from enterprise firms, ransomware is enjoying renewed popularity among cyber criminals. Why? Because such attacks are cheap to instigate and – thanks to crypto currencies such as Bitcoin – relatively easy to collect. For the victim, meanwhile, a ransomware attack means business disruption, brand damage and monetary loss, whether the ransom is paid or not.

At this CBR Dining Club event, in association with Proofpoint, we will delve deep into these issues. We’ll discuss the tactical and strategic responses all enterprise organisations should consider in order to prevent corporate identity theft and mitigate exposure. Join the debate on this hot issue and join us for an evening of fine dining, fascinating talks and healthy debate with your peers.

[1] http://www.verizonenterprise.com/resources/reports/rp_2016-DBIR-Financial-Data-Security_en_xg.pdf