You have a Business Continuity Plan. You have a Disaster Recovery Plan and a Cyber Incident Response Plan. You even have a Ransomware Incident Response Plan. But do you have a Business Email Compromise (BEC) Incident Response Plan?
BEC or Email Account Compromise (EAC) was known as the $26 billion scam in 2019. The Federal Bureau of Investigation (FBI) Internet Crime Complaint Center (IC3) tallied over $1.8 billion in adjusted losses in 2020 and noted an increase in complaints, most likely tied to the work-from-home environment as a result of the pandemic. It’s not scary like ransomware and isn’t making headlines, but BEC losses are larger than ransomware losses and in 2020 were 40% of all the losses tracked by the IC3.