What is Business Email Compromise?

Continuing on with our Tuesday Tech Tip email security series, we’re going to talk about business email compromise. What is it? How does it happen? And most of all, how do you protect your company from it? Stay tuned.

Business email compromise is really more of an outcome or means by which the bad actors are exploiting email. There are multiple tactics, multiple ways that they get a business email compromise to happen. it can simply be from somehow scanning your password and what we call account takeover and then being able to compromise you. It could be a spearfishing attack where they target specific people, the CEO and the CFO. It could be through other means by which there’s a man in the middle attack. But ultimately, business email compromise is a class that is set for the highest of risk and therefore the highest payoffs for the bad actors. Whenever a business email compromise happens, it’s going to cost you a lot of money or your cyber liability insurance a lot of money, and the bad actors are going to make some money.

Slet’s talk a little bit about what is password takeover. That’s ultimately where somebody and sometimes they can get this just by sending an email saying, hey, your account is almost full All you have to do is click here and you’ll get unlimited space. And all you have to do is put in your email address and your password, and then boom, you got unlimited space. Well, Microsoft 365, you just gave them the keys to the Kingdom, and they can now rape and pilfer your entire Microsoft 365 environment. a lot of people look at that as just their email But there is a whole ecosystem behind the scenes that’s happening in Microsoft 365. So there’s a lot of room for exploits.

I’ll tell you one quick story with a financial planner that we work with to help secure their email. One of the financial planner guys had his account taken over and the bad actors went out and made forms on the Microsoft 365 platforms. it was really like all of the demographics being asked for, the Social Security numbers, the spouses, the phone numbers, the email addresses, the date of birth, you name. It was in this long questionnaire. The bad actors simply sent the questionair email to all of the contacts within the business that they had from the financial planners email account. The financial planners had a shared contact database. These bad actors sent out to all of the people saying, “hey, we’re doing some spring house cleaning. We want to update all of your records. Here’s a link. Please go out and fill out all of this information for us.”

Well, what happened was that goes out to all of their clients and the clients click. They see this form that has their domain name. The financial planner’s domain name on a Microsoft form looks very legit because A: it is legit. But the bad guys took over the account. Many clients filled out a ton of information and hit submit. The bad actors raked all that information. Now, boom, they got a ton more targets to go after and a lot of data to sell for a lot of money.

So business email compromise you really want to have multi factor authentication turned on your email. really on anything nowadays anything that has one too many where there’s one username, one password and you’re logging in, you have access to many records. You need to Enable multi factor authentication is your biggest way. You also really need to be monitoring and watching those 360 accounts because again, that ecosystem is much broader than most people think. If you have questions, I’m here to help. Thank you for watching.

What is DMARC?

    For our Tuesday tech tip, we’re continuing in the email security series and we’re going to talk about DMARC. DMARC is a component of email security. What is DMARC and why should you care? I’m going to warn you that this is going to be probably one of the longest and more technical […]

How Much is Email Used?

https://youtu.be/dNmv9DWtc_U     For this Tuesday’s Tech Tip, I’m going to start a series that’s going to run for ten weeks. We’re going to talk about email security specifically. I’ve had a large number of people requesting, and asking how to secure their email. Because quite frankly, it is like the gateway drug, if you […]

How to Secure Your Data When Using Subcontractors

For today’s tech tip, I want to talk about ways that you can share data and keep it under control whenever you’re using an outsourced third party. For example, a broker who has multiple number of real estate agents that work underneath him. Stay tuned.
Specifically, I want to talk about how you secure files in two different industries. It’s really going to have a much broader application, but if I say to these two industries I think you’ll get the point.
So first off, I met with a person that does private investigations. They outsource certain parts of the private investigation, such as the videoing. Let’s just say that this is for a company and they’re looking for fraud in workers compensation. So this person gets a job with a particular insurance company, and then they’re outsource the work to a third party investigator who goes out to film and maybe even kind of follow the person around to try to catch them doing something. You know, they say they have a bad back but are caught throwing a cast net or something. The second is in the real estate industry where a broker is using real estate agents in order to sell property. Both of these categories have very sensitive data that’s being exchanged. And what you don’t want to do is you don’t want them using their personal email accounts. You don’t want the subcontractor using their personal Dropbox accounts. You don’t want them passing this information on their equipment with no backup and no way to log where these files are.
It’s almost like you’re just taking these very sensitive files that are ultimately these business owners, this broker and the head of this investigation firm, they’re responsible for these files and they’re just letting them be cast wherever with no tracking or anything.
So what you do want to do and this is the part I really want you to hear me say. You can use something as easy as Microsoft 365 configured in the proper way. Set up a domain and allow the Microsoft 365 platform to put the security parameters around there for you. First of all, use a corporate email address for all of those transactions that has that Personal Identifiable Information or private information in it.
You need to have that filtered so that the links are being checked, the attachments are being checked, and the spam is being blocked, as well as the ability to send secure email. Because if you don’t give your people away to do that, they will never do it. Or if they do, they’ll do it in a very dangerous fashion. And then secondly, you want to make sure that is backed up so that if you got sideways with that employee, they couldn’t delete everything and you not know what’s going on. So you need that Office 365 tenancy backed up. You can also share documents and communication by using Microsoft Teams. So you’ve got a secure channel that will work on a computer. It’ll work on a mobile phone or a tablet. So you can securely share and track the files that are in play there. And really, when you look at how teams work, it is basically going into the person’s one drive that is ultimately on SharePoint so that you could have access to these files even via the web.
So there’s some really great ways that you can do this that will actually enhance the overall performance of the organization and keep you legal. If you got more questions, I’d be happy to help, but don’t let a challenge like this put your company at risk. Thank you for watching.

What is Shadow IT?

https://youtu.be/NWsZIWUAQPk For today’s, Tuesday Tech Tip I want to talk to you about shadow IT. What it is and why every business owner must have this on their radar? What is shadow IT and why should you care? Well shadow IT is kind of a tech term that is used in the business world for […]

5 Cybersecurity Trends to Watch in 2022

https://youtu.be/bTLhoEf6kIo For this week’s Tuesday Tech Tip. We’re going to talk about the 5 biggest cybersecurity trends that are expected in 2022 as it relates to cybercriminals. The first cybersecurity trend to watch for is cybercriminals are going to be focusing on cloud assets. And what I mean is the Azure cloud platform. It might […]

What Is A Technical Business Review?

For today’s Tech Tip Tuesday, we’re going to be talking about a Technical Business Review. What it consists of and why you should be doing it on a systematic basis in your business, to keep you working most effectively.  What is a Technical Business Review why should your company even be concerned with those things? […]

Digital Migration

For our Tuesday Tech Tip, I want to talk to you about what they’re calling the Digital Migration. We talked about what that looks like and really what that means as we look forward into the future and stay tuned. I want to talk to you about what they’re calling the “2021 Great Digital Migration.” […]

Attrition Planning 2022

https://youtu.be/mAM3aXmY7Ho For this Tuesday Tech Tip, I want to help you with your 2022 planning for employee attrition this is something that is affecting every business owner that I know. And I’ve got some ideas that I think can help you. As you probably already heard, one of the biggest stories of 2021 has been […]

What Are File Permissions?

https://youtu.be/9d75lm62BXM Today I want to talk to you about file permissions and the need to review those on a periodic basis. These are ultimately just files that you create on your computer. Many times, the files are on what we call a network share. The files are under the Q drive or the Z drive. […]