Cybercriminals continue to target businesses to trick recipients into approving payments, transferring funds, or, in this case, purchasing gift cards. This kind of email attack is called business email compromise (BEC)—a damaging form of phishing designed to gain access to critical business information or extract money through email-based fraud.
We’ve published an article that goes over all the vectors in which we protection customers and the tools we & customers can used to further this effort.
Amongst all cybercrime, phishing attacks continue to be the most prevalent today. With over 90 percent of attacks coming via email, it’s important that every organization has a plan to prevent these threats from reaching users.
One such threat that has been making waves recently is a class of phishing attacks called business email compromise (BEC). BEC is also proving to be one of the costliest flavors of attacks to organizations—the Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3) recorded almost 20,000 complaints of business email compromise in 2020 alone, with adjusted losses of over $1.8 billion according to their recent IC3 report. What’s more, BEC attacks continue to increase in scope and sophistication. No wonder then that business email compromise is a top concern for CISOs across the globe, especially in a climate where remote work and collaboration have increased significantly.
We at Microsoft share that concern. And that is why we’ve been working aggressively to protect customers by detecting and blocking such attacks through innovation in our products and by staying ahead of current and future threats through research. Additionally, through the Digital Crimes Unit at Microsoft, we have been working to disrupt and thwart such attack networks in partnership with law enforcement.
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In the article, we cover:
- What is business email compromise?
- How are these attacks orchestrated?
- What is Microsoft doing to combat security threats
- Research powered by human intelligence and artificial intelligence
- How Microsoft fights cybercrime—Digital Crimes Unit
- Steps to take now to protect your organization
- Product innovation in Microsoft Defender for Office 365
Read the article here:
- BLOG: Business email compromise: How Microsoft is combating this costly threat
https://www.microsoft.com/security/blog/2021/05/06/business-email-compromise-how-microsoft-is-combating-this-costly-threat/
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