Strengthening Your Business Against the Hottest Threat: MFA vs. BEC

A Note From Entech’s CRO, David Spire.

In today's digital landscape, businesses face a constantly evolving array of threats and vulnerabilities. Among these, Business Email Compromise (BEC) has emerged as one of the most pervasive and costly security challenges for organizations.

BEC attacks involve cybercriminals manipulating or impersonating legitimate email accounts to deceive employees into taking harmful actions, such as wiring funds to fraudulent accounts or disclosing sensitive information. To combat this rising threat, many companies are turning to Multi-Factor Authentication (MFA) as a robust defense mechanism. In this blog post, we'll explore how MFA can be a game-changer in safeguarding your business against BEC attacks.

Understanding Business Email Compromise (BEC)

BEC attacks, also known as email account compromise, or email impersonation fraud, have skyrocketed in recent years. These attacks often begin with hackers conducting thorough reconnaissance on their targets. They research company hierarchies, gather information about employees, and monitor email communications to identify potential victims and the best times to strike.

Once armed with this information, attackers use various tactics to compromise email accounts:

• Phishing: Cybercriminals send deceptive emails designed to trick recipients into revealing sensitive information, such as login credentials.

• Spoofing: Hackers manipulate email headers to make it appear as though the email is from a legitimate source, often a high-ranking executive.

• Social Engineering: Attackers exploit human psychology, relying on employees' trust to deceive them into transferring funds or sharing confidential data.

How MFA Combats BEC:

Multi-Factor Authentication (MFA), also known as Two-Factor Authentication (2FA), provides an additional layer of security beyond just a username and password. Here's how MFA can help protect your business against BEC:

1. Enhanced Authentication: MFA requires users to provide at least two forms of verification before gaining access to their accounts. Typically, this involves something they know (password) and something they have (a mobile device or security token). Even if a cybercriminal obtains a password, they won't be able to access the account without the second factor.
   
   
2. Mitigating Unauthorized Access: MFA helps prevent unauthorized access to email accounts. Even if a hacker manages to obtain login credentials through phishing or other means, they won't be able to access the account without the additional verification step.
   
   
3. Real-Time Alerts: MFA systems can send notifications or alerts to users when someone attempts to log in from an unrecognized device or location. This allows users to promptly respond to suspicious login attempts, potentially thwarting a BEC attack in progress.
   
   
4. Reducing Password-Related Risks: BEC attacks often succeed because employees fall victim to password-related vulnerabilities. MFA mitigates this risk by reducing the reliance on passwords alone.
   
   
5. Security Across Multiple Devices: MFA solutions are designed to work across various devices, making it easy for employees to access their accounts securely, whether they are using a computer, smartphone, or tablet.

Implementing MFA Effectively

To maximize the effectiveness of MFA in protecting against BEC, here are some best practices to consider:

• Education and Training: Ensure that all employees are educated about the importance of MFA and how to use it correctly.

• Enforce MFA Policies: Make MFA mandatory for accessing sensitive systems and data.

• Regular Updates: Keep MFA systems up-to-date with the latest security patches and enhancements.

• Strong Passwords: Encourage employees to use strong, unique passwords as the first factor in MFA.
• Monitoring and Reporting: Implement monitoring tools to detect unusual login patterns and report any suspicious activity.

Final Thoughts

In the battle against Business Email Compromise (BEC), Multi-Factor Authentication (MFA) stands as a powerful ally for businesses of all sizes.

By adding an extra layer of security and thwarting unauthorized access attempts, MFA significantly reduces the risk of falling victim to BEC attacks. Implementing MFA effectively and raising awareness among your employees can go a long way in fortifying your defenses against this increasingly prevalent threat. Remember, in the world of cybersecurity, it's not a matter of if, but when, so it's crucial to be prepared.

David Spire
Chief Revenue Officer