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.
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Source: ZDNet