The True Cost of Business Email Compromise and How Practice Protect Can Help

Business Email Compromise (BEC) is one of the most serious threats facing accounting firms today. Whilst BEC may sound technical, its more common name is email phishing. We all know how to spot the obvious fake emails, but what about the ones that look much more like the “real deal” – those are the emails you need to be on the lookout for.  

Hackers target email accounts to trick your staff into sending money or sharing sensitive information. It is important to note it is not about hacking but tricking your staff. While it may seem like just another cyberattack, BEC can cost a business far more than just money. In this post, we’ll break down the true impact of BEC and explain why Practice Protect is the best solution to keep your accounting firm safe. 

What is Business Email Compromise (BEC)? 

Business Email Compromise happens when a hacker gains access to a company email account. They might impersonate a CEO, a supplier, or even a coworker.

The goal is usually to trick someone into sending money, wiring funds, or giving up sensitive information, like client data or financial records. They often do this by impersonation as discussed above.

With the advent of AI, criminals can do this much better and faster than ever. These scams can be hard to spot because the emails often look legitimate.

This makes BEC one of the most dangerous forms of cybercrime for businesses today. 

The Real Cost of BEC 

Many businesses focus on the financial losses from BEC scams, but the costs go much deeper. Let’s break it down: 

1. Financial Losses

The most obvious impact is the direct financial loss. Companies, and accounting firms. have been tricked into wiring thousands, even millions, of dollars to fraudulent accounts. In the U.S. alone, businesses lost over $2.7 billion to BEC attacks in 2022.

2. Reputation Damage

A BEC attack can damage your company’s reputation. When clients or partners find out sensitive information is compromised, it can be hard to rebuild their trust. Trust may be so eroded that it ends up costing you, clients, and future clients.  

3. Operational Disruptions

When a business is hit by a BEC attack, it can take a lot of time and resources to investigate and recover. This can lead to delays in your business operations and lost productivity. It will cost you serious money every day if your firm remains inoperable thanks to a data breach.  

4. Legal Consequences

Depending on your industry, a BEC attack might also lead to legal troubles. If client data or other sensitive information is leaked, you could face fines for breaking data protection laws like GDPR or HIPAA. If you are in the US if you do not have the right protections in place in your firm, you could face fines that accumulate each day if you are non-compliant with the FTC Safeguards rule.  

How Practice Protect Can Safeguard Your Business 

So, how can businesses protect themselves from BEC? The answer is Practice Protect—a security solution designed to prevent cyberattacks like BEC before they happen. Here’s why Practice Protect is the right choice:

1. Email Protection

Practice Protect keeps an eye on your company emails, filtering out suspicious messages and phishing attempts. This makes it harder for hackers to trick you into handing over sensitive information.

2. Multi-Factor Authentication (MFA)

One of the best ways to prevent a BEC attack is by making it harder for hackers to get into your accounts. With multi-factor authentication, Practice Protect ensures that even if a hacker gets hold of your password, they’ll still need a second form of verification (like a code sent to your phone) to access your email.

3. Access Control

Not every employee needs access to all your sensitive information. With role-based access control, Practice Protect ensures that employees only have access to the emails and data they need to do their job, limiting the damage if an account is compromised.

4. Centralized Security Management

Practice Protect gives you a single platform to manage all your cybersecurity needs. From monitoring login attempts to reviewing email activity, you can quickly spot potential threats and act right away.

5. Compliance and Reporting

Staying compliant with cybersecurity regulations is easier with Practice Protect. The platform offers detailed reports and helps you meet legal requirements, so you’re always on top of your game when it comes to security. 

Business Email Compromise is a costly and damaging cyber threat that affects companies of all sizes. The financial losses, reputation damage, and operational downtime can be devastating. But with the right tools in place, like Practice Protect, you can stop BEC before it causes serious harm. 

Don’t wait for an attack to happen. Strengthen your business’s security with Practice Protect and keep your email—and your company—safe. 

Want to learn more about how to protect your firm against cyber threats? Chat with a Cyber Security Consultant today.